Key Takeaways
- Shiba Inu coin grabbed the attention of investors in the middle of the bullish Q4 market as the burn rate surged 1000% on Tuesday.
- Shiba Inu burn rate surged to 1068% intraday creating a huge blow in the supply of the token
- The analysis suggests that the price of the SHIB could experience another 100% gains in the future.
- As per the data, 51.76 million coins were transferred to a null address and removed from the circulating supply
Shiba Inu coin grabs the attention of investors in the middle of the bullish Q4 market. The primary reason for the surge is the remarkable increase in the SHIB burn rate. The burn rate surged 1000% on Tuesday. This is a clear indication of the massive hit in the cryptocurrency supply.
The community expects a significant gain in the token ahead. The existing trend along with the additional bullish metrics can be considered as an indication that the price of the asset could double soon.
The latest data on Shibburn suggest that the SHIB burn rate rose to 1068% intraday. The burning of SHIB creates a huge blow in the supply of the token. As per the available data, 51.76 million coins were transferred to a null address. This implies that the coins are permanently removed from the circulating supply of the coin.
This reduced supply in turn increased the demand and created an optimistic sentiment around the token. It is important to note that the weekly burn rate of the token caused the removal of 2.44 billion tokens from the circulating supply. Considering the expected massive burn of SHIB The total circulating supply has been shredded and reached 589.25 trillion SHIB tokens as of date.
The investor’s optimism on crypto has been supported by the Shibarium Inception. The platform now managed to get 2 million addresses registered on-chain. The increase in the burn rate together with the heightened activity across Shibarium created substantial optimism about the crypto in the middle of this Q4 bullish market.
This blockchain infrastructure showcases high technical sophistication . Multiple platforms like Shibarium and ShibaSwap get integrated into Shiba Inu. The project developed a comprehensive ecosystem that has the potential to extend beyond the limitations of traditional meme coins.
Shiba Inu is expected to Double Soon
Shiba Inu price dropped by 15% intraday and reached $0.00002646.The 24-hour low was $0.00002511, and the high value was $0.00003141. However, the analysis of the weekly chart of the asset indicates gains worth 16%. This is an indication of underlying market potential in the middle of the broader bullish trend.
A recent price analysis of Shiba Inu pointed out another bullish on-chain metric that is an indication of imminent gains. The analysis suggests that the price of the meme coin could experience another 100% gains as the large holder concentration remains at 73%. This is an indication that the token has the potential to rise ahead. By considering the token’s intraday movement the on-chain statistics create a bullish picture of the meme coin ahead.
Historically significant burn events created temporary price spikes for SHIB. The burn activities also helped the token stabilize its price and reduce the volatility in the long run. The burning process can only become one among many factors in the price surge. The border market trend always plays a significant role.
The deflation strategy of the Shiba Inu platform is dependent on maintaining consistency in the burn rate. The high burn rate can be considered a sign of the community’s intention to reduce the total supply of tokens. This intention is aligned with the long-term value-creation goals of SHIB. Shiba Inu is on its journey to become an attractive asset for investors interested in deflationary cryptocurrencies.
The increased utility features and applications that may emerge in the future could support the coin. The positive feedback loop created by this burning process could lead to increased utilities creating increased transaction volumes. Thus further increasing the burn rate and in turn, supporting the price growth.
In a crypto ecosystem with inherent volatility, SHIB is exhibiting its strengths. The increased burn rate of SHIB can significantly impact the long-term value by creating scarcity, and investor sentiment, stabilizing the price, and increasing utility.
These results depend on sustained community engagement and broader market conditions. The developments of the SHIB ecosystem are more than a typical meme coin trajectory. It can be considered as a shift towards a more sophisticated and community-driven strategy.
Also Read: MicroStrategy Expands Bitcoin Holdings After Latest $2.1 Billion Purchase
