The Shiba Inu price is gearing up for a massive rally amid positive market trends. Notably, the SHIB burn rate also noted a massive surge of over 3700% today, indicating a bullish momentum ahead for the crypto. Besides, the shifting focus of the market participants towards the meme coin sector amid this bull run also signals a further rally ahead.
SHIB Burn Rate Rockets 3700% Sparking Market Optimism
The SHIB burn rate recently noted a massive spike despite a Shiba Inu price retreat. Notably, according to Shibburn data, the Shiba Inu burn rate skyrocketed 3772% in the last 24 hours, with over 13.56 million tokens burnt. Notably, the highest burn comes from the address “0x14b….e61b5”, alone burning 10 million tokens.
Source: Shibburn
This massive spike in burn rate indicates a bullish momentum ahead for the crypto. For context, the burning of tokens indicates a decreasing supply of the token from the market, which in turn helps in increasing the value of the asset. Considering that, the burn rate appears to have boosted the market sentiment, potentially hinting at a potential rally ahead.
Now, with the recent burn, a total of 410.74 trillion tokens have been burnt from the initial supply. With this recent burn, now the current SHIB circulating supply stands at 584 trillion. However, despite the massive daily surge in burn rate, the weekly rate was down 88% with about 359.47 million tokens burnt in the last seven days.
Shiba Inu Price To Rally 1200%?
The latest SHIB price was down 3% during writing and exchanged hands at $0.0000281, with its trading volume declining 25% to $1 billion. Notably, the crypto has touched a 24-hour high and low of $0.00002929 and $0.0000275, respectively. Notably, the top meme coin recorded a monthly surge of over 15% in the last 30 days.
However, Shiba Inu Futures Open Interest declined nearly 10% to $95 million, indicating that the investors are taking a pause. However, despite the bearish sentiment noted, a recent SHIB price analysis hints at a potential 1200% rally ahead, sparking market optimism.
Besides, another Shiba Inu price analysis hints that the top dog-themed meme coin could double in the near future. The SHIB analysis noted a surge in the large holders’ concentration, which indicates a bullish momentum ahead for the crypto. Considering that, it appears that the future trajectory of SHIB remains strong despite the recent dip.
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