SHIB’s burn rate surged by 2200%, indicating a potential parabolic rally for Shiba Inu, bolstered by recent bullish on-chain data.
The well-known dog-themed meme coin, Shiba Inu, has once again generated notable bullishness in response to the most recent SHIB burn rate data.
On Thursday, the token’s burn rate increased by an astounding 2200% as there were rumors that the asset’s price would rise shortly.
For background, investors are feeling optimistic about the meme token’s future parabolic rise due to current on-chain measures, mostly because of the continuous bull run in the industry as a whole.
SHIB Burn Rate Pumps 2200% Provide Supply With Huge Blow
The official tracker Shibburn reported in an X post on November 21 that 14.58 million coins were destroyed, causing the SHIB burn rate to spike by 2225% intraday.
The amount of meme tokens in circulation was severely damaged as a result of this enormous spike in burn rate.
According to the data, there were 589.26 trillion tokens in circulation at the time of reporting.
It’s also important to remember that 50.06 million coins were burned over the previous seven days, according to the weekly burn data.
All things considered, as the supply continues to be destroyed, the enormous fire chronicles have improved market sentiment for the most popular dog-themed meme coin.
Notably, by transferring tokens to a null address, the Shiba Inu burn mechanism seeks to eliminate the token’s excess market supply.
Since these null-address tokens are never used again, the law of supply and demand causes the token to anticipate a strong market mood.
Ahead, Shiba Inu Parabolic Rally?
Nevertheless, the price of Shiba Inu coin dropped 2% intraday and is now trading at $0.00002386, despite the aforementioned spike in burn rate.
The token’s 24-hour high was $0.00002478, and its 24-hour low was $0.00002311. Investors were alarmed by this declining trend, however, it’s important to note that the monthly chart showed increases of 30%.
Given that 192.78 trillion tokens were burned this month, the monthly SHIB burn rate statistics further support this positive trend.
At the same time, CoinGape Media’s most recent review of the SHIB price has increased market confidence in the coin.
A cryptocurrency price projection highlights the main arguments against selling the coin, particularly amid a larger meme coin bull market.
Furthermore, it’s important to note that new on-chain data suggests that the meme industry is about to see another upswing.
Additionally, this research has raised hopes for a sustained upswing in popular meme coins like SHIB, DOGE, PEPE, and others.
Notably, throughout the past month, meme coins like PEPE and DOGE have also increased by 90% to 169%.
