Shiba Inu (SHIB) Weekly Burn Rate Soars 464% as 624M Coins Destroyed, Market Eyes Parabolic Rally
- Patricia ArquetteOriginal
- 2024-11-16 18:26:22355browse
The renowned dog-themed meme crypto SHIB continues to steal the spotlight amid a highly bullish market, further solidifying market optimism with a massive Shiba Inu burn rate surge on Saturday.
Renowned dog-themed meme coin SHIB continues to hog the limelight in a highly bullish market, further bolstering market optimism with a massive Shiba Inu burn rate surge on Saturday. Recent stats indicate that the meme coin’s weekly burn rate soared nearly 450% as over 600 million coins were burnt in the past seven days. In turn, crypto market enthusiasts speculate whether a parabolic bull run for the token lies ahead as the broader sector remains bullish in Q4.
Highlighting the remarkable burn rate surge, an X post by the official Shibburn X handle on November 16 noted that the weekly Shiba Inu burn rate went up by an impressive 464%. This occurred as 624.5 million SHIB were burned over the past seven days, dealing a significant blow to the meme coin’s total supply in the market.
According to the latest data by the tracker’s X handle, Shiba Inu’s current market supply stood at 589.262 trillion coins. For context, the meme coin’s burn mechanism aids the broader ecosystem in killing the token supply, a bullish factor per the law of supply and demand. This chronicle has garnered noteworthy optimism toward the meme coin’s future price movements.
Moreover, a recent CoinGape Media report further spotlighted the Ethereum-based token’s potential to offer investors gains. Reportedly, a crypto whale netted millions in profit trading SHIB amid the coin’s recent bull run. This saga adds to why the token caught the market’s attention, accompanied by its remarkable burn rate surge.
With the broader crypto market remaining bullish in Q4 and meme coins continuing to steal the show, market participants are keeping a close watch on whether SHIB will continue to burn bright or face a market correction ahead.
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