SHIB Burn Rate Spikes 4500%, Shiba Inu Coin To Set Go Parabolic?
Highlights
- Shiba Inu burn rate soars remarkably, dealing a massive blow to the token's supply.
- Over 50 million coins were destroyed, while the asset saw another bullish event infold in the market.
- SHIB price gains nearly 5%, with investors eyeing further gains in the wake of recent advancements.
Shiba Inu coin has again reverberated bullishness across the broader market on Thursday, witnessing a staggering 4500% uptick in the SHIB burn rate. Latest burn data indicated that over 50 million coins were taken out of the token’s circulating supply, underlining the crypto’s potential to pump ahead. Simultaneously, even the meme coin’s intraday movement showcased remarkable gains, pouring additional optimism toward the crypto’s future movements.
SHIB Burn Soars 4500% As Over 50M Coins Destroyed
According to the official burn tracker Shibburn’s data on November 28, the SHIB burn rate showed a 4483% surge over the past day. This massive surge is primarily attributed to the destruction of 53.61 million tokens. Besides, following the token destruction, market supply for the dog-themed meme crypto totaled 589.26 trillion SHIB.
In the preliminary context, the meme coin’s token burn mechanism results in a supply decline for the asset, which is a bullish aspect per the law of supply and demand. Simultaneously, other bullish events appear to have bolstered the crypto’s market standing.
Notably, Binance has recently expanded trade offerings for Shiba Inu coin, CoinGape reported. The leading crypto exchange commenced spot grid and spot DCA for SHIB/USDC, paving the path for further money inflow into the token’s ecosystem.
Overall, the burn rate surge and enhanced trade offerings generated an optimistic torrent for the cryptocurrency and its price movements.
Shiba Inu Coin Soars 5%
At the time of reporting, Shiba Inu price gained 5% to reach $0.00002557. The coin’s 24-hour low and high were $0.00002435 and $0.00002644, respectively. As mentioned above, the coin showcases a bullish trajectory against the backdrop of a SHIB burn rate surge and enhanced market offerings for the asset.
Simultaneously, a recent SHIB price analysis by CoinGape indicated that the meme coin also eyes a parabolic run ahead. This analysis comes against the backdrop of several bullish formations on the token’s chart. Overall, recent market stats indicate that the Shiba Inu coin has underlined noteworthy potential to pump ahead amid a broader meme coin market frenzy witnessed recently.
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
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.
