In a series of positive market trends, the burn rate of Shiba Inu skyrocketed by 3,700%, indicating that the SHIB price may rebound to $2 next.
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With millions of coins being burned, Shiba Inu's burn rate spiked by 3,700%.
The surge in burn rate, combined with recent S.H.I.B. developments, has increased investor optimism regarding the token.
SHIB price rose about 7% today, with investors setting a target price of $2 in light of Trump's victory.
In a very bullish market on Tuesday, the burn rate of the SHIB meme cryptocurrency soared, drawing significant attention from investors once again. Recent statistics indicate that the burn rate of Shiba Inu has significantly increased by 3,674%, signaling bullish sentiment in the market regarding the token's future price movement. SHIB is currently trading at a level of $0.000019, and given the recent broader events and surge in burn rate, traders and investors are looking toward a potential target price of $2.
Shiba Inu's burn rate soared by 3,700%, sparking bullish sentiment among investors.
According to the latest data from the official tracker Shibburn, Shiba Inu's burn rate surged by 3,674% on November 6, highlighting the massive blow to the supply of Ethereum-based meme coins. Data shows that 53.31 million coins were burned in the past 24 hours, resulting in a significant spike in the burn rate. Interestingly, wallet address 0x2e2.. has been identified as the largest contributor to today's massive burn surge. According to the data, this address burned 28.84 million tokens in the past day.
In context, the token burn mechanism helps to eliminate the oversupply of meme coins, which market observers believe is the real reason for SHIB's underperformance. As mentioned above, the astonishing blow to supply ignited a wave of optimism among Shiba Inu market participants adhering to the laws of supply and demand.
Meanwhile, recent community developments have further swept through the broader market. The token's chief developer, Shytoshi Kusama, earlier revealed the U.S. government's S.H.I.B proposal aimed at turning the country into a crypto valley. The outlined proposal budget plans range from $1.3 to $2.35 billion, aimed at promoting blockchain development nationwide, with dog-themed meme coins as the main focus. Overall, the surge in burns, coupled with this recent development, has created immense optimism regarding the token's future price movement.
SHIB price increased by 6%
At the time of the report's release, SHIB price had surged nearly 7% during trading, currently priced at $0.00001908. The token's 24-hour low and peak were $0.00001758 and $0.00001972, respectively. Notably, even intraday trading volume for cryptocurrencies has surged nearly 200% to $1.16 billion.
Additionally, Coinglass data emphasizes the upward trend of meme coins in the market today. SHIB futures open interest surged nearly 25% to $51.14 million. Furthermore, derivative trading volume skyrocketed by approximately 137% to $384 million. Overall, these statistics, combined with the aforementioned surge in Shiba Inu's burn rate, pave the way for a bullish outlook on the token's future price movement.
Additionally, Donald Trump's recent victory has fueled pro-cryptocurrency sentiment in the broader cryptocurrency market. In light of this event, Shiba Inu price analysis suggests that the token could reach $2 under improved market sentiment.
