Altcoin
Shiba Inu Burn Rate Rockets Over 2000% Sparking Optimism Over SHIB Price Rally
Shiba Inu burn rate has surged significantly in the last 24 hours. Over 21 million SHIB tokens have been burned in the last 24 hours, bringing down the circulating supply to create scarcity and mark upticks in price. The community is anticipating further price rises in the days to come, especially with the launch of TREAT tokens.
Shiba Inu Burn Rate Soars by 2200%
According to an X post by Shibburn, the Shiba Inu burn rate has surged by 2229.01% in the last 24 hours. This marks the elimination of 21,065,740 SHIB. This has brought the total supply to 589,256,928,688,831. The objective behind burning SHIB tokens is to create scarcity, which would fuel price rise due to the lower supply of the token in circulation.
The bullish speculation for SHIB picked pace in the last 7 days. The buzz signal that the meme coin has gained sufficient momentum ahead of the launch of TREAT tokens.
SHIB Price Analysis
Shiba Inu price today is up by 5.71%, exchanging hands at $0.00002142 with a significant rise of 9.60% in the 24-hour trading volume. Ongoing sentiments towards SHIB are bearish, however, the community is upbeat on the upside move after a significant rise in Shiba Inu burn rate.
Meanwhile, SHIB price analysis by CoinGape indicates that SHIB is inevitable as the token may reach $0.001 in January. This growth would be backed by the adoption of Shibarium, strategic SHIB burn, and bullish market trends.
Overall, the top meme coins are reporting a positive rally in their values over 24 hours. For instance, DOGE is up by 9.62% and PEPE has soared by 6.37% in a single day. This reflects the growing bullish sentiment for the meme coin sector within the crypto community.
TREAT Token Launch
In addition, TREAT token launch is scheduled to happen later today. Top crypto exchanges such as Kucoin and Gate.io have planned will list TREAT. Withdrawals for TREAT will commence on January 15. Traders who have their accounts on listed platforms shall be considered eligible for TREAT airdrops.
TREAT launch will see other platforms list the token in the times to come, giving it more visibility among crypto enthusiasts. TREAT token pre-listing highlights continue to showcase high demand even before it is launched.
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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