Shiba Inu 1837% token burn increase has fueled market optimism, boosting SHIB’s price by 14% within 24 hours.
The Shiba Inu (SHIB) token has been riding high, witnessing an impressive 65% price increase over the past week and bolstering market excitement. An intriguing development driving this surge has been SHIB’s massive token burn rate, which jumped 1837% within a day.
Shiba Inu’s token burn mechanism is designed to address its vast supply, which contributes to the token’s price volatility. Notably, a larger burn restricts supply and sparks hopes for sustained price appreciation. As per the data tracked by the Shibburn platform, the massive burn in the past 24 hours has reduced the overall supply by around 500 million SHIB tokens.
With SHIB’s circulating supply down to around 589.26 trillion, market participants are increasingly bullish on potential price gains, citing supply-demand dynamics. Over the past week alone, more than 615 million SHIB tokens were burned.
Renewed Shiba Inu Momentum
SHIB currently stands at the 10th spot in the list of the largest cryptocurrencies by market cap. It currently boasts a market cap of $14.7 billion, up by over 40% in the past month. As of the latest data, SHIB’s price has climbed to $0.00002605, with an intraday high of $0.00002782, marking a 14% gain as the week starts. The asset’s 24-hour trading volume also surged by 245%, hitting $6.32 billion.
Market sentiment has been further buoyed by new developments, such as the addition of Shiba Inu to Robinhood Crypto EU, which now allows users in Europe to transfer SHIB.
Despite SHIB’s previous all-time high of $0.00008845 in October 2021, traders believe there is ample room for a repeat run, given the favorable market environment and the win of crypto-friendly Donald Trump in the US presidential elections.
The rally comes as many in the crypto community anticipate a continuation of this bullish trend. SHIB’s rising demand combined with a reduced supply has set the stage for potential growth, with some analysts forecasting gains of up to 300% if momentum holds.
Moreover, Ethereum has finally broken its stubborn resistance levels to trade 30% above in the past week. This has further boosted confidence among investors that an altcoin season has started.
For instance, top meme coins have recorded a massive surge in their market value. As per the data by CoinMarketCap, the meme coin market stands at $88.71 billion, up by around 80% in the past month. The largest meme token, Dogecoin (DOGE), has also seen an uptick in its value, trading 85% above the weekly candle.
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