The Shiba Inu burn rate has seen an incredible 1300% increase, causing excitement in the market and leading to speculation about a potential price rally. Millions of SHIB tokens have been removed from the total supply recently, which has further fueled investor speculation. However, despite the intraday burn rate surge, the meme coin’s price has remained volatile.
Shibburn’s data shows that the Shiba Inu burn rate experienced a 1323.66% increase due to the destruction of 34.91 million tokens. This has reduced the meme token’s market supply to 589.26 trillion SHIB. Shibburn’s weekly data indicates that 110.64 million coins were burned in the past seven days, suggesting an ongoing bullish effect on the token’s price.
CoinGape Media reports that the SHIB price reflects bullishness for future price movements with increased whale activity. Although today’s volatility has caused SHIB price to trade at $0.00001899, down nearly 1% intraday, market statistics project a bullish outlook. A Shiba Inu price analysis by CoinGape Media suggests that the meme coin’s price could reach $0.000045, with 2.5x gains ahead due to bullish on-chain metrics and increased market interest.
The recent victory of Donald Trump in the U.S. elections has also added to investor bullishness for the crypto space, further suggesting a potential rally.
