SHIB Burn Rate Shoots Up 1000%, Shiba Inu Coin To Double Soon?
Highlights
- SHIB burn rate soars as nearly 50 million coins transferred to null address.
- Constant burns and recent Shibarium growth has solidified investors' optimism over the crypto's future movements.
- Despite a major drop, SHIB price remains optimistically eyed by market watchers.
The Shiba Inu coin has once again nabbed investor attention amidst a roaring Q4 bull market, primarily with a remarkable surge in the SHIB burn rate. On Tuesday, burn data mirrored a whooping 1000% surge, indicating that the crypto’s supply took a massive hit. As a result, market participants eye significant gains in the dog-themed meme token ahead, with additional bullish metrics indicating that the asset’s price could double soon.
SHIB Burn Rate Spirals 1000% Sparking Optimism As Supply Shreds
According to the latest data by Shibburn, the SHIB burn rate soared 1068% intraday, indicating that the token’s supply took a huge blow. Per the data, 51.76 million coins were recorded to be sent to a null address, implying that these tokens were permanently removed from the circulating supply. In turn, the broader market’s sentiments surrounding the digital asset turned optimistic against the backdrop of the law of supply and demand.
Simultaneously, it’s also worth mentioning that the weekly burn data pointed to 2.44 billion tokens being removed from the circulating supply. With the massive burns weighing in, the Shiba Inu coin’s total market supply shredded and reached 589.25 trillion SHIB to date.
Meanwhile, another optimistic ecosystem development has added to investors’ optimism on crypto. Following 16 months of the token’s layer-2 network, Shibarium’s inception, the platform now boasts a total of 2 million wallet addresses registered on-chain. Altogether, the rising burn rate surge and heightened activity across Shibarium have reverberated substantial optimism for the crypto amid a Q4 bull market.
Shiba Inu Coin To Double Soon?
Despite the abovementioned SHIB burn rate surge, Shiba Inu price slipped 15% intraday and is currently sitting at $0.00002646. Its 24-hour low and high were $0.00002511 and $0.00003141, respectively. Nevertheless, the weekly chart for the asset indicated gains worth 16%, underlining market potential amid a broader bullish landscape.
Further, a recent Shiba Inu coin price analysis by CoinGape pointed out another bullish on-chain metric, indicating gains imminent. Per the analysis, the meme coin’s price could see further 100% gains as large holder concentration remains at 73%, flagging potential to pump ahead. Despite the token’s waning intraday movement, on-chain stats paint a bullish picture of the meme coin ahead.
- Indian Court Declares XRP as Property in WazirX Hack Case
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
