Shiba Inu Burn Rate Soars Over 3700%, Fueling Market Optimism and Hints of a 1200% Rally
Highlights
- Shiba Inu price analysis suggests a potential 1200% rally for the meme coin.
- SHIB burn rate surged over 3700%, signaling bullish momentum.
- Despite the burn rate spike, SHIB’s price dropped 3% today.
Shiba Inu’s price is positioning itself for a major rally amidst favorable market conditions. The SHIB burn rate has skyrocketed by over 3700% in the past 24 hours, creating positive sentiment among investors. Additionally, the growing interest in meme coins during the ongoing bull market hints at further upward potential. 
SHIB Burn Rate Explodes by 3700%, Boosting Market Confidence
Data from Shibburn revealed a dramatic 3772% increase in SHIB’s burn rate within the last day, with 13.56 million tokens removed from circulation. Notably, a single wallet, “0x14b….e61b5,” contributed 10 million tokens to the burn.
This significant reduction in token supply often correlates with a potential increase in value, driving optimism for a future rally. To date, 410.74 trillion SHIB tokens have been burned, leaving 584 trillion in circulation.
Despite the daily burn rate surge, the weekly burn rate dropped by 88%, with 359.47 million tokens burned over the past seven days.
Shiba Inu Price Outlook: A 1200% Rally in Sight?
Currently, SHIB trades at $0.0000281, down 3% for the day, with a trading volume of $1 billion—representing a 25% decline. The meme coin’s price has fluctuated between a high of $0.00002929 and a low of $0.0000275 in the past 24 hours. Over the last month, SHIB has gained more than 15%.
While the bearish trend persists, with Shiba Inu Futures Open Interest falling by 10% to $95 million, some analysts predict a dramatic 1200% rally. This optimism stems from the increasing concentration of large holders, a sign of bullish sentiment.
Another analysis suggests that SHIB could double in value soon, reinforcing its strong future potential despite recent declines. The combination of high burn rates and increased market interest in meme coins points to a robust trajectory for Shiba Inu.
