Shiba Inu Token Surges 65% with 1837% Increase in Burn Rate
The Shiba Inu (SHIB) token has experienced a 65% price increase over the past week, driven by a significant surge in its token burn rate, which rose 1837% in one day.
Shiba Inu’s token burn mechanism aims to mitigate its extensive supply, contributing to price volatility. A higher burn reduces supply and raises hopes for sustained price appreciation. According to data from the Shibburn platform, approximately 500 million SHIB tokens were burned in the past 24 hours.
With the circulating supply at about 589.26 trillion, market participants are optimistic about potential price increases, driven by supply-demand dynamics. Over the last week, more than 615 million SHIB tokens were burned.
Renewed Shiba Inu Momentum
SHIB ranks 10th among the largest cryptocurrencies by market cap, currently valued at $14.7 billion, reflecting a 40% increase in the past month. The price stands at $0.00002605, with an intraday high of $0.00002782, marking a 14% gain as the week begins. The asset's 24-hour trading volume surged by 245%, reaching $6.32 billion.
Market sentiment is further enhanced by developments such as SHIB's addition to Robinhood Crypto EU, allowing European users to transfer SHIB.
Despite SHIB’s previous all-time high of $0.00008845 in October 2021, traders believe there is potential for another rally, influenced by favorable market conditions and the election of crypto-friendly Donald Trump in the US presidential elections.
The ongoing rally suggests expectations of continued bullish trends within the crypto community. The combination of rising demand and reduced supply positions SHIB for potential growth, with some analysts predicting gains of up to 300% if current momentum persists.
Additionally, Ethereum has surpassed resistance levels, trading 30% higher in the past week, bolstering investor confidence in an emerging altcoin season.
Top meme coins have also seen substantial market value increases. According to CoinMarketCap, the meme coin market now totals $88.71 billion, up around 80% in the past month. Dogecoin (DOGE), the largest meme token, has increased in value, trading 85% above the weekly candle.