Altcoin
SHIB Burn Rate Spikes 4500%, Shiba Inu Coin To Set Go Parabolic?
Shiba Inu coin has again reverberated bullishness across the broader market on Thursday, witnessing a staggering 4500% uptick in the SHIB burn rate. Latest burn data indicated that over 50 million coins were taken out of the token’s circulating supply, underlining the crypto’s potential to pump ahead. Simultaneously, even the meme coin’s intraday movement showcased remarkable gains, pouring additional optimism toward the crypto’s future movements.
SHIB Burn Soars 4500% As Over 50M Coins Destroyed
According to the official burn tracker Shibburn’s data on November 28, the SHIB burn rate showed a 4483% surge over the past day. This massive surge is primarily attributed to the destruction of 53.61 million tokens. Besides, following the token destruction, market supply for the dog-themed meme crypto totaled 589.26 trillion SHIB.
In the preliminary context, the meme coin’s token burn mechanism results in a supply decline for the asset, which is a bullish aspect per the law of supply and demand. Simultaneously, other bullish events appear to have bolstered the crypto’s market standing.
Notably, Binance has recently expanded trade offerings for Shiba Inu coin, CoinGape reported. The leading crypto exchange commenced spot grid and spot DCA for SHIB/USDC, paving the path for further money inflow into the token’s ecosystem.
Overall, the burn rate surge and enhanced trade offerings generated an optimistic torrent for the cryptocurrency and its price movements.
Shiba Inu Coin Soars 5%
At the time of reporting, Shiba Inu price gained 5% to reach $0.00002557. The coin’s 24-hour low and high were $0.00002435 and $0.00002644, respectively. As mentioned above, the coin showcases a bullish trajectory against the backdrop of a SHIB burn rate surge and enhanced market offerings for the asset.
Simultaneously, a recent SHIB price analysis by CoinGape indicated that the meme coin also eyes a parabolic run ahead. This analysis comes against the backdrop of several bullish formations on the token’s chart. Overall, recent market stats indicate that the Shiba Inu coin has underlined noteworthy potential to pump ahead amid a broader meme coin market frenzy witnessed recently.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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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