The dog-themed meme cryptocurrency Shiba Inu (SHIB) continues to draw attention during a bullish market phase. Recent statistics show a significant surge in token burn rates, further consolidating market optimism.
Record Weekly SHIB Burn Rate
According to Shiba Inu's official Shibburn X account, the burn rate increased by 464% on November 16, with 624.5 million tokens burned in the past week. This significant increase has led to a considerable reduction in the total market supply of the meme coin.
Impact on SHIB Supply and Ecosystem
Recent data reveals that Shiba Inu's current market supply stands at 589.262 trillion tokens. The burning mechanism of the meme coin is seen as a positive factor, helping to reduce token supply according to laws of supply and demand. This situation has generated significant optimism regarding potential price movements for the meme coin.
Future Expectations for SHIB Price
Today, SHIB's price saw approximately a 6% rise, reaching $0.0000251. The market capitalization of the token was recorded at $14.78 billion today, aligning with the burn rate growth of Shiba Inu. Analyses indicate potential for further price increases.
The significant increase in Shiba Inu's burn rate may enhance price pressure by reducing the token's supply. Continued burning mechanisms could improve the supply-demand balance, contributing to price increases.
