SHIB Burn Rate Shoots Up 1000%, Shiba Inu Coin To Double Soon?

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.