Token Burns Drive Investor Optimism and Fuel SHIB Price Growth
The Shiba Inu burn rate has once again sparked strong investor optimism. On Monday, the burn rate surged by over 1500%, permanently removing 13 million tokens from circulation. This reduction in supply could create ideal conditions for price growth, as confirmed by several analysts. One top expert predicts a potential 500% pump, pushing SHIB’s price toward $0.000081.
SHIB Burn Rate Surges Over 1500%
According to data from Shibburn, the burn rate jumped 1547.97% in the last 24 hours. The main reason for this spike was the burning of 13.29 million tokens, with a single wallet (0x541f60e5576764) responsible for 12.13 million SHIB burned.
The burn mechanism works by sending tokens to a null address, permanently removing them from circulation. This process reduces the total supply, and if demand increases, it can potentially drive SHIB’s price higher.
Weekly SHIB Burns Strengthen Bullish Sentiment
In addition to the daily burn surge, weekly burn data also showed a massive supply reduction. Over the past week, 527.54 million SHIB tokens were removed from circulation, representing a 465.59% increase in the burn rate compared to the previous period.
This significant supply decrease is one of the key factors that could fuel SHIB’s price growth in the coming weeks.
How Much SHIB Is Still in Circulation?
Currently, Shiba Inu's circulating supply stands at 584.34 trillion tokens. In total, 410.72 trillion SHIB have been burned, significantly reducing the overall availability of this memecoin.
Could SHIB Surge 500%? 📈💥
At the time of writing, Shiba Inu is trading around $0.00001328, having gained 2% in the last 24 hours. Throughout the day, SHIB has fluctuated between $0.0000126 and $0.00001378. This price movement mirrors the recent surge in SHIB’s burn rate, contributing to a nearly 8% increase over the past week.
According to analyst Javon Marks, SHIB remains in a bullish trend, which began at the end of 2022 and early 2023. His analysis suggests that SHIB could reach $0.000081, marking a 500% price increase from its current levels.
From a technical standpoint, SHIB has recently formed a hidden bullish divergence, reinforcing the potential for further price surges.
Derivatives Market Shows Growing Interest in SHIB
According to Coinglass data, SHIB futures open interest (OI) rose by 3.11%, reaching $122.64 million. Additionally, derivatives trading volume skyrocketed by 338.45% to $167.71 million.
These figures indicate that market interest in SHIB is surging, further supporting speculation about a potential major price breakout in the near future.
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