The SHIB burn data shows that the token supply has increased by 1000%, with nearly 50 million tokens being burned. Shiba Inu token statistics show that the price is likely to double soon.
Driven by the strong bullish momentum in the fourth quarter, Shiba Inu (SHIB) has once again become the focus of investors, with its significant surge in burn rate being one of the main driving factors. According to data on Tuesday, the SHIB burn rate has grown by as much as 1000%, indicating that the circulating supply is rapidly decreasing. This dynamic is often seen as a positive signal, as a reduction in supply can drive price increases when demand increases.
Market participants are optimistic about SHIB's future performance, believing that this growth in burn rate creates conditions for further price appreciation. Coupled with other bullish indicators, analysts predict that SHIB's price may double in the near future, becoming a standout in the dog-themed meme coin market.
SHIB burn rate soars 1000%, supply reduction fuels optimism
According to the latest data from Shibburn, the Shiba Inu (SHIB) burn rate has skyrocketed to 1068% during the trading session, indicating a significant decline in its supply. Specifically, around 51.76 million SHIB have been sent to a dead address, permanently removing these tokens from circulation.
This surge in the burn rate has had a significant impact on SHIB's market dynamics. According to the laws of supply and demand, a reduction in supply often increases the scarcity of an asset, leading to a shift in market sentiment. As investors become more optimistic about SHIB's potential value, its price performance may also receive a boost.
Furthermore, according to weekly burn data, a total of 244 million SHIB have been removed from circulation, further reducing the total supply of Shiba Inu. Currently, the total market supply of Shiba Inu has been significantly reduced to 589.25 trillion tokens.
At the same time, another positive development in the Shiba Inu ecosystem has also provided more confidence to investors. Just 16 months after the launch of Shiba Inu's Layer 2 expansion network Shibarium, the platform has already accumulated 2 million on-chain wallet addresses, indicating strong user growth and activity.
Overall, in the bullish environment of the fourth quarter, the significant burn rate of SHIB and the continued rise in Shibarium's activity have jointly driven the market's optimistic expectations for this token. These positive fundamental factors help strengthen investors' confidence in Shiba Inu's future performance.
Will Shiba Inu double in price?
Despite the significant increase in the SHIB burn rate, its price has fallen 15% during the trading session, currently stabilizing at $0.00002646. The price range over the past 24 hours shows a low of $0.00002511 and a high of $0.00003141. However, it is worth noting that SHIB's weekly gain is still 16%, indicating that its long-term potential remains promising in the broader bullish market environment.
Additionally, a recent price analysis by CoinGape has pointed to another bullish on-chain signal: the concentration of large holders remains at 73%, suggesting potential for further upside. The analysis suggests that this holding structure could drive SHIB's price to increase by 100%. Although the short-term price trend appears weak, on-chain data and market fundamentals indicate that SHIB's long-term development prospects remain optimistic.
