Shiba Inu Burn Rate Surges Over 1000%, Fuelling Speculation of a Price Rally
The Shiba Inu (SHIB) token burn rate has soared by an impressive 1041.91% today, according to data from Shibburn, with more than 6.54 million SHIB tokens removed from circulation in the last 24 hours. This surge has ignited discussions around a potential price rally for the popular meme coin.
Shibburn data reveals that the two largest burns over this period were executed by a single wallet, “0x608….9fe80,” which burned 2.14 million tokens across two transactions. This highlights the increasing efforts within the SHIB community to reduce the token’s circulating supply, a key factor that may support future price gains.
Over the past week, the SHIB burn rate has maintained an upward trajectory, contributing to rising optimism among investors. In total, 26.63 million SHIB tokens have been permanently removed from circulation in the last seven days. To date, approximately 410.73 trillion tokens have been burned from the initial supply. Despite these ongoing efforts, SHIB’s current circulating supply remains substantial at 583.51 trillion tokens.
SHIB Price Sees 6% Surge Amid Burn Rate Spike
Following this significant increase in the burn rate, the price of Shiba Inu has risen by nearly 6%, reaching $0.00001758, after hitting a 24-hour peak of $0.00001789. Trading volume surged by 23% to $507.35 million, signaling growing investor confidence in SHIB, which remains one of the leading meme-based cryptocurrencies.
Further supporting this positive sentiment, CoinGlass data shows that SHIB Futures Open Interest climbed by 20%, reaching $52.93 million. This suggests that market participants are becoming increasingly bullish on the token, especially as the broader cryptocurrency market experiences upward momentum.
Additionally, recent analysis indicates that SHIB may continue to rally if Bitcoin’s price experiences a further uptick. The performance of Bitcoin often serves as a barometer for other altcoins, and a positive shift in its value could lead to a more substantial price increase for SHIB in the coming days.
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