The Shiba Inu (SHIB) community is buzzing with excitement as the token’s burn rate has skyrocketed by a staggering 2200% on Thursday, November 21st. This significant increase in the burn rate has led to a decrease in the circulating supply of SHIB, potentially fueling a bullish price rally.
What Does The Burn Rate Mean For SHIB?
The SHIB burn rate refers to the number of SHIB tokens that are permanently removed from circulation by being sent to a dead wallet. By reducing the supply of SHIB, the burn mechanism can theoretically increase the value of the remaining tokens.
According to data from Shibburn, a total of 14.58 million SHIB tokens were burned on Thursday. This represents a substantial increase from the previous day’s burn rate and has contributed to a weekly burn total of 50.06 million SHIB tokens.
HOURLY SHIB UPDATE$SHIB Price: $0.00002395 (1hr -0.08% ▼ | 24hr -7.14% ▼ )
— Shibburn (@shibburn) November 21, 2024
Market Cap: $14,066,105,964 (-7.54% ▼)
Total Supply: 589,262,168,453,842
TOKENS BURNT
Past 24Hrs: 11,333,645 (202.29% ▲)
Past 7 Days: 50,067,595 (-92.03% ▼)
Is a Parabolic Rally on the Horizon?
While the increased burn rate has generated positive sentiment among SHIB investors, the token’s price has experienced a slight dip of 2% on the day. However, the broader monthly trend remains bullish, with SHIB gaining over 30% in value.
Recent on-chain analysis suggests that the meme coin sector, including SHIB, is poised for further growth. As the broader cryptocurrency market continues its upward trajectory, SHIB could benefit from increased investor interest and potential price appreciation.
It’s important to note that while the burn rate and on-chain metrics are positive indicators, the cryptocurrency market is highly volatile. Investors should conduct thorough research and consider consulting with financial advisors before making investment decisions.
The Shiba Inu community has been actively supporting the burn mechanism, sharing information and encouraging others to participate. Social media platforms are filled with discussions about the potential benefits of reduced supply and increased token value. As the burn rate continues to climb, the community’s enthusiasm grows, further fueling the positive sentiment surrounding SHIB.
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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