SHIB burn data revealed a 1000% surge with nearly 50 million tokens burned, suggesting Shiba Inu’s price could soon double.
Amid a thriving Q4 bull market, the Shiba Inu coin has once again captured the attention of investors, predominantly due to a remarkable increase in the SHIB burn rate.
Burn data on Tuesday revealed a remarkable 1000% increase, suggesting that the cryptocurrency’s supply was significantly diminished.
Consequently, market participants anticipate substantial gains in the dog-themed meme currency shortly, with additional bullish metrics suggesting that the asset’s price could double shortly.
Supply Shreds As SHIB Burn Rate Spirals By 1000%, Igniting Optimism
The SHIB burn rate increased by 1068% intraday, as indicated by the most recent data from Shibburn, suggesting that the token’s supply was significantly reduced.
The data indicates that 51.76 million coins were sent to a null address, suggesting that these tokens were irrevocably removed from the circulating supply.
Consequently, the broader market’s sentiments regarding the digital asset became more optimistic in light of the law of supply and demand.
Concurrently, it is also important to note that the weekly burn data indicated that 2.44 billion tokens were removed from the circulating supply.
The Shiba Inu coin’s total market supply has been reduced to 589.25 trillion SHIB as a result of the significant fires.
In the interim, investors’ confidence in the cryptocurrency market has been further bolstered by an additional optimistic ecosystem development.
Shibarium’s layer-2 network was established 16 months ago, and the platform has since registered a total of 2 million wallet addresses on-chain.
In summary, crypto has experienced significant optimism during a Q4 bull market as a result of the increased activity and rising burn rate growth in Shibarium.
Shiba Inu Coin To Double Shortly?
The price of SHIB has fallen by 15% intraday and is presently at $0.00002646, despite the aforementioned burn rate surge.
The 24-hour low and high were $0.00002511 and $0.00003141, respectively.
However, the weekly chart for the asset showed gains of 16%, which underscored the market’s potential in the context of a more generally favorable environment.
Additionally, CoinGape’s most recent analysis of the Shiba Inu coin price revealed an additional bullish on-chain metric, suggesting that gains are short.
According to the analysis, the meme coin’s price has the potential to increase by 100%, as the concentration of major holders remains at 73%, indicating the potential for a future pump.
On-chain statistics paint a favorable picture of the meme coin in the future, despite the token’s declining intraday movement.
