Shiba Inu burn rate has soared more than 1000% today, sparking discussion over a potential rally in the SHIB price. Notably, this comes amid a surge of nearly 6% in the meme coin’s price, which has sparked discussions in the crypto market. In addition, a recent price analysis of the crypto highlights key reasons that may help the meme coin hit a new high in the coming days.
Shiba Inu Burn Rate Skyrockets 1000% Today
The Shiba Inu burn rate skyrocketed 1041.91% today, according to Shibburn data, with more than 6.54 million SHIB tokens burnt over the last 24 hours. This significant jump in the burn rate has also sparked discussions over a potential rally in the SHIB price in the near future.
According to Shibburn data, the two highest burns over the last 24 hours were conducted by the same wallet address “0x608….9fe80”. This wallet has removed 2.14 million tokens in two transactions, indicating the growing SHIB community support to reduce the supply of the token.
Source: Shibburn, X
Meanwhile, the SHIB burn rate has increased significantly over the past few days, which has sparked investors’ optimism. Over the last seven days, a total of 26.63 million tokens were removed from the overall supply.
As of writing, a whopping 410.73 trillion SHIB were burnt from the initial supply. However, despite the recent burn frenzy, the current circulating supply stood at 583.51 trillion.
SHIB Price Rallies 6%
Amid the soaring Shiba Inu burn rate, SHIB price jumped nearly 6% to trade at $0.00001758, after touching a 24-hour high of $0.00001789. Its trading volume jumped 23% during writing to $507.35 million, indicating a growing investors’ confidence towards one of the top meme coins.
Furthermore, CoinGlass data showed that the SHIB Futures Open Interest rose 20% to $52.93 million, reflecting a positive sentiment hovering in the market. However, it’s worth noting that the rally in the meme coin’s price comes amid an upward momentum noted in the broader crypto market.
Meanwhile, a recent Shiba Inu price analysis hints at a further rally in the crypto’s price. According to the analysis, a potential rally in Bitcoin price could help other altcoins like SHIB to note massive rally in the coming days.
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