Shiba Inu Burn Rate Soars Over 6200%, Fueling Investor Optimism for SHIB Rally to $1
Highlights:
- Shiba Inu burn rate skyrockets 6200%, boosting market optimism amid bullish trends.
- Reduced supply strengthens bullish price trajectory.
- SHIB price gains 4% intraday, sparking speculation about a possible $1 target.
The Shiba Inu burn rate surged dramatically by 6200% on Monday, igniting global investor optimism. The significant reduction in the token’s supply has fueled expectations of a price rally. Amid this development, SHIB saw a notable intraday price increase, further enhancing market enthusiasm during the ongoing bull run.
Burn Rate Skyrockets, Driving Positive Sentiment
According to data from the tracker Shibburn on November 18, the Shiba Inu burn rate soared by 6223% in a single day. Approximately 290,321 tokens were burned, significantly reducing the coin’s circulating supply. The substantial burn caught the attention of the crypto market, especially as meme coins gained momentum amid a bullish environment.
At the time of reporting, Shiba Inu’s total supply was 589.26 trillion tokens. Over the past week, an additional 135 million SHIB tokens were burned, further decreasing supply. This decline aligns with the economic principle of supply and demand, bolstering investor confidence in the token’s price potential.
Could SHIB Reach $1?
Currently, SHIB is trading at $0.00002511, reflecting a 4% intraday gain. Its 24-hour price range has fluctuated between $0.00002403 and $0.00002563. The price increase coincides with the surge in burn rate, reinforcing bullish market sentiment.
Data from Coinglass reveals a 6% increase in SHIB futures open interest (OI), reaching $93 million. This indicates growing investor engagement and suggests potential for continued upward movement.
While a $1 price target remains highly optimistic, recent analyses suggest the meme coin has room for further gains, especially amid bullish momentum following the U.S. elections. Investors and analysts alike are closely monitoring SHIB’s price trajectory in anticipation of further action.
