Shiba Inu burn rate increased by a whopping 1,300% on Saturday. This increase positively affected market expectations regarding the future of the meme coin. While millions of SHIB tokens have been removed from the total supply recently, investors are predicting the price to rise. However, despite the increase in burn rate, the price of the meme coin has fluctuated.
Shiba Inu Breeding Rate Increases by 1300%, Fueling Market Optimism
According to data from Shibburn, the Shiba Inu cremation rate on November 9 increased by 1323.66%. This increase occurred with the destruction of 34.91 million tokens. As a result of this massive increase in burn rate, the total supply of meme tokens dropped to 589.26 trillion SHIB.
Rise Expectation in SHIB Price
According to weekly data, 110.64 million coins were burned in the last seven days. Token burning mechanism, Ethereum 
$3,042 By reducing the supply of the based meme coin in the market, it contributes to an increase in the price according to the law of supply and demand. Market watchers expect the sustained massive supply decline to have a positive impact on the token price.
According to data reported by CoinGape Media, increased whale activity also supports optimism regarding future movements of SHIB price. This continues to provide a positive outlook for the meme cryptocurrency.
According to current data, SHIB price is currently trading at $0.00001899 and is down around 1% on a daily basis. The 24-hour low and high were recorded at $0.00001847 and $0.00001931 respectively. Market participants continue to follow the token, considering that despite its volatility, market statistics are positive.
According to Shiba Inu price analysis by CoinGape Media, the meme token has a 2.5x upside potential due to positive on-chain metrics. The analysis suggests that the token price could exceed $0.000045 due to a combination of increased market interest, a rise in the Shiba Inu cremation rate, and whale activity. These developments reinforce investors’ optimism.
Donald Trump’s recent victory in the US elections has increased investor optimism towards the crypto space and strengthened the market’s breakout potential. This supports the possibility that the SHIB price will enter an uptrend.
Shiba Inu’s significant token destruction and increased whale activity are putting positive pressure on the price as the token supply decreases. For investors, these developments offer promising signals about the future of meme coins.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
