SHIB Burn Skyrockets 3400%, Shiba Inu Rally To Continue?

The latest SHIB burn data has once again ignited a tidal wave of optimism surrounding the renowned dog-themed meme crypto, Shiba Inu. Notably, the meme coin’s supply continues to take a blow, as indicated by a nearly 3,400% upsurge in the burn rate on Tuesday. Besides, it also comes as the investors anticipate a further rally in the crypto’s price, indicating market optimism amid an ongoing monthly price rally of over 70%.

SHIB Burn Blows Up 3,400% Igniting Investor Optimism

As per recent data from the official tracker Shibburn, the SHIB burn upsurged 3454% as a staggering 2.02 billion coins were taken out of the supply. Further, per the data, the wallet address 0x2c.. was noted to be responsible for the lion’s share in the burn rate surge.

Additionally, with the massive burn rate upswing weighing in, the meme token’s weekly burn rate witnessed a 1,987% uptick. This broader surge has further sparked optimism as 4.23 billion tokens were destroyed in the last seven days. Altogether, the dog-themed meme token’s market supply at the time of reporting totaled 589.25 SHIB following the burn rate uptick. This saga has sparked significant market bullishness over Shiba Inu’s future price movements, aligning with the law of supply and demand.

Meanwhile, it’s also noteworthy that CoinGape Media reported a major SHIB whale to have amplified its holdings recently, bagging billions of tokens. This massive buying further paves a bullish path for the meme crypto amid its constant supply decline due to token burns.

Can Shiba Inu Price Double?

At the time of reporting, SHIB price gained nearly 1% in the past 24 hours and is currently trading at $0.00002907. Its intraday low and high were $0.00002866 and $0.0000307, respectively. Further, the weekly and monthly charts for the meme token showcased gains worth 22% and 70%, respectively. This bullish trajectory falls in line with the token experiencing increased buying and constant SHIB burns.

Moreover, a recent Shiba Inu price analysis by CoinGape Media indicated that the mene coin’s price is likely to double shortly ahead. This bullish anticipation comes as the token shows steady consolidation, building momentum for a potential breakout. Crypto market watchers continue to monitor the coin extensively for further gains in light of recent bullish events, expecting the asset to continue its bullish momentum.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.