Shiba Inu Burn Rate Shoots Up 1000% As Half-A-Billion Coins Burnt

Against the backdrop of a highly bullish market on Monday, the Shiba Inu burn rate once again witnessed a remarkable surge, propelling market optimism

As the market opened bullish on Monday, the Shiba Inu burn rate once again saw a huge spike, driving market optimism around the meme coin’s upcoming price rally. According to latest data, the meme token recorded an almost 1000% surge in its burn rate as close to 500 million SHIB were burnt. This development has highlighted investor bullishness on the Ethereum-based meme token’s future prospects, as the broader market anticipates potential 300% gains ahead.

Shiba Inu Burn Rate Shoots Up 1000% As Half-A-Billion Coins Burnt

According to official burn tracker Shibburn’s data on November 11, the Shiba Inu burn rate saw a 1028.67% spike intraday. This massive surge is largely attributed to the burning of 463.45 million tokens. With the huge dent in supply from the said burn, SHIB’s circulating market supply dropped to 589.26 trillion coins at press time.

It’s worth noting that the meme coin’s token burn initiative focuses on slashing its massive supply, which many believe is the reason behind the crypto’s sluggish performance. Interestingly, weekly burn data on X showed that 615.15 million tokens were burnt over the past 7 days, adding to investor enthusiasm around the asset. For context, as demand remains constant, a positive impact on price is observed when supply takes a hit, mirroring the law of supply and demand.

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