Shiba Inu burn rate once again propelled significant investor optimism by gaining over 1500% on Monday. The latest burn metrics signaled that roughly 13 million coins were ditched from the crypto’s circulating supply intraday. End result? Traders and investors anticipate price gains loom amid reduced token supply. Also, the bullish sentiments get an extra shot of optimism as a top analyst revealed that a SHIB price rally to $0.000081 looms.
Shiba Inu Burn Rate Gushes Over 1500% Fueling Hope
As per a recent X post by the official tracker Shibburn, Shiba Inu’s burn rate upsurged 1547.97% in the past 24 hours. This massive upswing comes primarily attributed to 13.29 million tokens burnt intraday.
For context, the token burn mechanism permanently reduces the asset’s supply by sending coins to a null address. Upon further examination, it was found that the wallet address 0x541f60e5576764 was responsible for causing the massive burn uptick. Per the data, this address burnt 12.13 million tokens alone.
Weekly SHIB Burn Weighs Additional Optimism
Simultaneously, the leading meme coin’s weekly burn statistics indicated a whopping 527.54 million tokens were permanently removed from the circulating supply, per Shibburn on X. This blow to the supply fueled a 465.59% spike in the weekly SHIB burn rate. Altogether, the massive reduction in supply is anticipated to bolster the coin’s price in accordance with market equilibrium principles.
What is Shiba Inu’s Current Supply?
As of press time, Shiba Inu’s circulating supply totaled 584.34 trillion tokens. To date, a whopping 410.72 trillion tokens have been burnt, dealing a major hit to the coin’s supply.
Can Price Rally 500% Amid Constant Supply Reduction?
At the time of reporting, SHIB coin’s price gained 2% intraday and exchanged hands at $0.00001328. The meme coin bottomed and peaked at $0.0000126 and $0.00001378 in the past 24 hours. The current price upswing falls in line with the recent Shiba Inu burn rate surge. Simultaneously, with the weekly burn data weighing in, price gains over the past 7 days totaled nearly 8%.
Traders and investors reflect a highly optimistic sentiment for SHIB at the moment as its price shows a recovery trend after a recent bloodbath. In tandem, market analyst ‘Javon Marks’ took to X, revealing that a breakout target at the $0.000081 level goes unchanged.
According to the analyst, SHIB price continues to hold its breakout, which occurred in late 2022/early 2023. With this price breakout holding, a potential $0.000081 price target looms right over the horizon. The analyst’s target marks a +500% increase from the current price levels. Meanwhile, the meme coin’s price has already retested and formed a hidden bullish divergence in broader time frame charts, solidifying the potential to pump ahead.
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.
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