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The latest SHIB burn rate data has once again sparked people's bullish sentiment on the meme token Shiba Inu, which is known for its dog-themed icon. On Thursday, the token's burn rate soared 2200%, with reports suggesting the asset's price may rise in the future. In terms of background, recent on-chain indicators have fueled investor optimism, as they expect the meme token to experience parabolic growth, mainly considering the ongoing bull market across the industry.
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SHIB Burn Rate Soars 2200%, Delivering a Massive Blow to Supply
According to the official tracker Shibburn, in a post on November 21, the SHIB burn rate spiked 2225% intraday, burning 14.58 million tokens. This large-scale surge in the burn rate has dealt a severe blow to the circulating supply of the meme token.
According to the data, the total supply at the time of reporting was estimated at 589.26 trillion tokens. Notably, the weekly burn data indicates that 50.06 million tokens were burned in the past seven days.
Overall, the continued reduction in supply and the record-breaking burn rates have bolstered market sentiment towards the leading dog-themed meme token. It's worth noting that the SHIB burn mechanism aims to eliminate the token's excess market supply by sending tokens to a dead address. In turn, due to the laws of supply and demand, the token market sentiment is bullish, as these dead address tokens can never be used again.
Is a Shiba Inu Parabolic Rebound Imminent?
However, despite the aforementioned surge in the burn rate, the price of Shiba Inu fell 2% intraday, currently at $0.00002386. The token's 24-hour low and high prices were $0.00002311 and $0.00002478, respectively. While this weakening trend has raised concerns among investors, it's worth noting that the monthly chart shows a 30% gain. This broader bullish trajectory further aligns with the monthly SHIB burn rate data, as 192.78 billion tokens were burned this month.
Additionally, a recent price analysis of SHIB by CoinGape Media has also added to the market's optimistic sentiment towards the token. The price forecast for this cryptocurrency highlighted key reasons why investors should not sell the token, especially in the broader meme coin bull market.
Furthermore, it's worth mentioning that recent on-chain data suggests the meme industry is poised for further upside. This report has also sparked optimism about the continued rise of top meme coins like SHIB, DOGE, and PEPE. Notably, meme coins like PEPE and DOGE have also surged 90%-169% in the past month.
