Shiba Inu Burn Rate Explodes 6750% Sparking Bullish Investor Sentiments

The renowned dog-themed meme crypto SHIB has once again fueled optimism among crypto market traders globally, recording a remarkable surge in the Shiba

Shiba Inu (SHIB) traders might have something to smile about after the meme coin recorded a 6750% surge in burn rate on Wednesday, with nearly 27 million coins being removed from the supply.

The SHIB community has vouched for a $0.01 price target. Could this be on the horizon following the recent burn?

Shiba Inu Burn Rate Surges 6750%

According to the latest burn data from Shibburn on October 23, the burn rate for SHIB has increased by 6750% in the past 24 hours. This surge is a result of 27.10 million coins being burned from the meme coin’s circulating supply.

The total circulating supply of SHIB at the time of writing is 589.26 trillion coins, with the massive burn coming into play.

Meanwhile, weekly burn data shows that roughly 58 million coins were taken out of the meme token’s supply.

The continuous reduction in the token’s market supply is expected to drive optimism for the coin’s future price movements. This aligns with the principle of supply and demand, where a decrease in supply with sustained demand could lead to a potential price increase.

It is also important to note that the demand for the leading dog-themed meme coin might see a further boost in light of recent developments.

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