The Shiba Inu (SHIB) community is buzzing as the meme coin’s weekly burn rate skyrocketed by nearly 450% in the past week. Over 600 million SHIB tokens were sent to the dead wallet, significantly reducing the token’s circulating supply. This bullish development has fueled speculation about a potential parabolic rally for the token, especially considering the broader crypto market’s strong performance in Q4.
A Burning Desire for Growth
The official Shibburn X handle reported that 624.5 million SHIB tokens were burned in the past seven days. This significant burn rate has reduced the total supply to 589.262 trillion coins. The burn mechanism, which involves sending tokens to a dead wallet, is a deflationary measure that can positively impact the token’s price.
HOURLY SHIB UPDATE$SHIB Price: $0.00002373 (1hr 0.09% ▲ | 24hr -8.34% ▼ )
— Shibburn (@shibburn) November 16, 2024
Market Cap: $13,973,059,169 (-8.44% ▼)
Total Supply: 589,262,202,337,624
TOKENS BURNT
Past 24Hrs: 0 (-100% ▼)
Past 7 Days: 624,504,040 (464.41% ▲)
Whale Activity and Market Sentiment
The recent surge in SHIB’s price and burn rate has attracted the attention of crypto whales. A recent report highlighted that a whale made significant profits by trading SHIB during its recent bull run. This increased whale activity has further fueled the bullish sentiment surrounding the token.
A Bullish Outlook
SHIB’s price has surged nearly 8% in the past 24 hours, reaching a price of $0.00002571. The token’s market capitalization currently stands at $14.78 billion. This upward trend aligns with the broader meme coin frenzy, with Dogecoin, Pepe Coin, and Dogwifhat experiencing significant gains.
Shiba Inu’s lead developer, Shytoshi Kusama, expressed excitement on X, adding to the market’s optimism. A recent price analysis by suggests that SHIB’s historical patterns indicate a potential for parabolic price gains.
As the crypto market continues to rally, SHIB’s strong performance and increased burn rate have positioned it as a potential top performer. However, it’s essential to approach any investment with caution and conduct thorough research before making any financial decisions.
Also Read: Is the SHIB Rally Losing Steam? Fed’s Rate Hike Pause and Whale Activity Raise Concerns
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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