Shiba Inu Burn Rockets 5500%, SHIB Price Braces For Rally?

In a significant development witnessed within the meme coin sector, Shiba Inu appears to have again seized the limelight as its burn rate surged over a whopping 5500%. Today, May 10, the meme coin’s burn tracker revealed that nearly 26 million SHIB was noted to be destroyed over the past day, injecting a dose of market optimism into the dog-themed meme token.

Crypto market traders and investors continue to anticipate a potential rising price trajectory for SHIB ahead, primarily attributed to such token-burning chronicles and recent developments within the Shiba Inu ecosystem. Meanwhile, it’s worth noting that SHIB traded in the green as of press time, falling in line with the massive surge in the burn rate.

Here’s a closer look into the coin’s current market metrics.

Shibburn’s Data Sparks Bullishness Among Investors

Insights provided by the tracker Shibburn paint a clear picture of the token’s burn rate surge. The staggering 5564.09% surge comes after killing 25.93 million SHIB from the coin’s total supply, per Shibburn’s data. This development plainly glimmers hope as the reduced supply is expected to bring about a rising price action for SHIB.

Meanwhile, at press time, SHIB’s total supply was evaluated to be 589.27 trillion coins, with a staggering 410.72 trillion tokens burnt to date. Intriguingly, CoinGape Media’s report yesterday spotlighted that the wallet address 0xa9d1e08c7793a… appears to be primarily responsible for the abovementioned burn rate upsurge, whereas other small burn transactions followed.

Most recent data flags that another address, 0x0bae1851fb0…., burnt 1 million SHIB today. Upon further digging, it was found via Etherscan’s data that this address still holds 17.32 million SHIB, stirring additional speculations of future burn transactions in the pipeline.

Simultaneously, the colossal burn rate spike has ignited a flurry of market optimism for SHIB among crypto market participants as today’s price action further fell in line with the burn data.

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Shiba Inu Price Jumps

As of writing, the Shiba Inu token’s price noted an uptick of 1.89% in the past 24 hours and is currently trading at $0.00002336. This price upswing rides on the back of the abovementioned burn rate upswing, whereas weekly charts illustrate that SHIB is experiencing a consolidation, moving sideways.

It’s worth noting that bulls or bears may take control over the token at any time in the market, although the abovementioned burn primarily stages as a bullish factor for Shiba Inu. Coinglass data highlights a 2.21% surge in SHIB’s open interest, reaching $59.96 million, whereas derivatives volume plunged 1.62% to $113.24 million. This could further be driving Shiba Inu’s recent turbulent price action.

Nonetheless, as VanEck’s meme coin index recently hit 195%, including SHIB in its data, the token has offered a glimpse of its potential to provide investors with notable gains. Additionally, the recent ecosystem developments brought by the Shiba Inu crypto community have further fueled immense bullishness on the token’s long-term prospects.

Also Read: Crypto Prices Today May 10: Bitcoin Nears $63K & Ethereum Tops $3100 Amid Market Recovery