Shiba Inu Burn Rate Skyrockets as 463 Million Tokens Vanish

The Shiba Inu burn rate increased by 1,028.67% inside a single day on November 11, according to statistics from the official burn tracker Shibburn.

Shiba Inu's (CRYPTO: SHIB) burn rate skyrocketed by 1,028.67% on November 11, wiping out 463 million SHIB tokens in a single day. This reduction in supply has sparked optimism among investors as SHIB's price rises 9% intraday, with bullish projections of a 300% rally ahead.

Here's what happened: Shiba Inu's burn rate surged by 1,028.67% within a single day on November 11, according to data from the official burn tracker Shibburn.

The destruction of 463.45 million tokens was largely responsible for this spike. At the time of writing, there were 589.26 trillion SHIB coins in circulation, which was drastically reduced by the burn.

The meme coin's oversupply is widely believed to be hindering its performance; hence, the focus of its token burn mechanism on reducing that supply is noteworthy.

Investor enthusiasm for the asset was further fueled by the latest burn data for X, which showed 615.15 million tokens being burned in the past 7 days.

Reduced Supply Boosts Investor Optimism

Crucially, demand remains constant while supply decreases, positively impacting the price, as dictated by the law of supply and demand.

This recent victory of Donald Trump in the US elections has sparked a renewed interest in the crypto market, leading to bullish investor sentiment around the commodity, as highlighted by Coingape.

Shiba Inu transactions were also enabled for its users by Robinhood Crypto EU, adding another layer of mainstream interest in the crypto.

Overall, the second-largest meme cryptocurrency is currently enjoying positive market sentiment.

Shiba Inu's Latest Price Spike: Impact on the Market

Meanwhile, investors are optimistic that the recent developments will bode well for the token's future run.

SHIB's price rose approximately 9% in the past 24 hours, trading at $0.00002467. The coin's intraday low and high stood at $0.00002213 and $0.00002785, respectively. This increasing momentum aligns with the earlier reported surge in Shiba Inu's burn rate.

Moreover, the token's gains for the week amounted to 47%, as depicted in the weekly chart.

Both investors and traders are keeping a close eye on the coin's recent surge in value, which has sparked interest in its bullish trajectory. According to market data, the meme coin's 24-hour trading volume reached $6.08 billion, indicating a 245% increase.

Together, the numbers showcase the high demand for the Ethereum-based token.

Analyst Predicts Potential 300% Price Rally

In other news, the Shiba Inu meme coin is targeting gains of 300%, as analyzed in a recent price analysis by CoinGape Media in light of the current bullish market.

Leading crypto expert Javon Marks provides a positive outlook for the coin's long-term prospects with the formation of hidden bull divergence, a bullish price chart pattern.

For the upcoming 300% gain, market enthusiasts are keeping a close watch on the token, hoping for continued price movements.

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