SHIB burn surges 3,400%, cutting down the meme coin’s supply as 2 billion tokens are destroyed. Shiba Inu anticipates sustained price growth ahead.
Highlights
- SHIB burn data sparks optimism as supply continues to decline.
- Over 2 billion SHIB were destroyed in a single day following the burn rate spike.
- SHIB price rises, with market expectations for significant gains fueled by recent developments.
The latest SHIB burn statistics have sparked renewed optimism around Shiba Inu, the popular dog-themed meme cryptocurrency. The coin’s supply saw a dramatic reduction with a 3,400% surge in its burn rate on Tuesday, reinforcing investor confidence as the crypto experiences a 70% monthly price rally.
SHIB Burn Climbs 3,400%, Boosting Market Sentiment
According to Shibburn’s official tracker, the burn rate skyrocketed by 3,454%, with 2.02 billion tokens removed from circulation. A specific wallet address (0x2c..) accounted for a significant share of this spike.
This surge also led to a 1,987% weekly increase in burn rates, with 4.23 billion tokens destroyed in seven days. The total market supply stood at 589.25 trillion SHIB following these developments. The token burn aligns with the principle of supply and demand, driving bullish market sentiment around Shiba Inu’s potential price growth.
Whale Activity and Continued Bullish Trends
CoinGape Media reported that a major SHIB whale recently expanded its holdings, acquiring billions of tokens. This accumulation further strengthens the bullish outlook for Shiba Inu, especially as the token supply continues to decrease due to frequent burns.
Can SHIB Price Double?
At the time of reporting, SHIB’s price gained nearly 1% in 24 hours, trading at $0.00002907, with a daily range between $0.00002866 and $0.0000307. Weekly and monthly charts show gains of 22% and 70%, respectively, indicating strong bullish momentum.
A recent price analysis from CoinGape suggests that Shiba Inu could potentially double its value soon. The token shows signs of steady consolidation, building momentum for a breakout. Market watchers remain optimistic about SHIB’s continued upward trajectory, closely following the token’s performance amid the ongoing bullish trends.
