The massive increase in Shiba Inu’s (SHIB) burn rate has reignited hopes among investors about its potential to increase in value. With a significant reduction in circulating supply, expectations are rising that SHIB’s price could respond positively to heightened demand.
Shiba Inu’s Burn Rate Surges
As the crypto market kicked off the week with a strong uptrend, Shiba Inu’s burn rate saw a staggering increase of over 1000%, fueled by the recent burning of approximately 500 million SHIB tokens. This surge has drawn renewed interest in SHIB, with some investors anticipating potential gains of up to 300%. According to Shibburn data, SHIB’s burn rate on November 11 spiked by 1028.67%, reducing the token’s total supply to 589.26 trillion. By lowering the oversupply, SHIB’s burn rate serves as a deflationary force, creating a potential for upward price pressure.
Weekly data reveals a total of 615.15 million tokens burned, enhancing investor optimism and strengthening positive expectations for SHIB’s future. This rise in SHIB’s popularity is further supported by increased interest in the crypto market following Donald Trump’s win in the U.S. election. Additionally, Robinhood Crypto EU’s initiation of SHIB transfers has helped amplify the coin’s appeal.
SHIB’s Price and Trading Volume on the Rise
Following these developments, SHIB’s price rose by 9%, reaching $0.00002467 with a high of $0.00002785 in the last 24 hours. On a weekly basis, SHIB has increased by 47%, drawing significant market attention. The trading volume for SHIB surged by 245%, hitting $6.08 billion in 24 hours, signaling growing interest in the Ethereum-based meme coin and exciting investors.
Crypto analyst Javon Marks has identified a “hidden bullish divergence” on the SHIB chart, suggesting a positive outlook for future price movements. With projected gains of up to 300%, investors are closely watching SHIB’s potential for continued growth.
