SHIB, one of the true 100x coins, if you hold it, take a look. If you don’t have it, forget it.
In a major development witnessed in the meme coin space, Shiba Inu seems to be in the spotlight again, with its burn rate soaring to over 5,500%. Today, May 10, the Meme Token’s burn tracker shows that nearly 26 million SHIBs were burned in the past day, injecting a dose of market optimism into the dog-themed Meme Token.
Crypto market traders and investors continue to anticipate SHIB’s potential upward price trajectory in the future, largely attributed to such token burning records and recent developments within the Shiba Inu ecosystem. Meanwhile, it is worth noting that SHIB is trading in the green at press time, in line with the sharp spike in burn rate.
Shibburn’s data fuels investor bullishness
The insights provided by the tracker Shibburn clearly paint a picture of the surge in token burn rates. According to Shibburn data, this astonishing 5,564.09% surge occurred after 25.93 million SHIBs were wiped out of the total token supply. This development obviously brings hope, as the supply reduction is expected to lead to a rise in the price of SHIB.
Meanwhile, as of press time, the total supply of SHIB is estimated to be 589.27 trillion tokens, with a staggering 410.72 trillion tokens destroyed to date. Interestingly, yesterday's report by CoinGape Media pointed out that the wallet address 0xa9d1e08c7793a… appears to be the main cause of the aforementioned spike in the burn rate, while other small burn transactions followed suit.
The latest data suggests that another address 0x0bae1851fb0…. burned 1 million SHIBs today. Upon further digging, data from Etherscan revealed that the address still holds 17.32 million SHIBs, which has led to more speculation about future destruction transactions.
Meanwhile, the huge burn rate spike has triggered a flurry of market optimism for SHIB among cryptocurrency market participants, as today’s price action has fallen further in line with the burn data.
Shiba Inu Price Rise
As of this writing, the price of the Shiba Inu token has risen by 1.89% over the past 24 hours and is currently trading at $0.00002336. This price increase comes on top of the aforementioned increase in the burn rate, while the weekly chart shows that SHIB is experiencing consolidation, moving sideways.
It is worth noting that bulls or bears may take control of the token at any time in the market, although the aforementioned burn mainly serves as a bullish factor for Shiba Inu. Coinglass data shows that SHIB's open interest surged 2.21% to $59.96 million, while derivatives trading volume plunged 1.62% to $113.24 million. This may further drive Shiba Inu's recent volatile price action.
Nevertheless, with VanEck's meme coin index recently reaching 195%, which includes SHIB, the token has shown its potential to generate significant gains for investors. In addition, the recent ecosystem development brought about by the Shiba Inu cryptocurrency community has further inspired great optimism about the token's long-term prospects.
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Will not let my fans miss out in this round of bull market!
