Shiba Inu Burn Rate Surges 984.58%, Price Jumps 3%

The burn rate of Shiba Inu, a popular meme coin, has surged by nearly 1000% this Saturday, significantly impacting its circulating supply. According to the token's official burn tracker, approximately 17 million coins were removed from circulation within a single day. This dramatic increase in the burn rate has sparked optimism among crypto traders and investors, who anticipate a bullish price trajectory for the token. Economic principles suggest that a reduction in supply, coupled with consistent demand, can drive up the price of an asset.

SHIB Knight, a prominent community member, has further fueled this optimism by asserting that a price target of $0.000015 for the token is within reach. This prediction aligns with the recent data from Shibburn, which indicates that the burn rate has increased by 984.58% in the past 24 hours, resulting in the removal of 16.94 million coins from the total supply. As of the latest reports, the total number of coins burnt to date stands at 410.74 trillion tokens, with the circulating supply reduced to 584.37 trillion SHIB tokens.

Two specific wallet addresses, "0xa9d1e08c7" and "0xa20833," were identified as significant contributors to the surge in the burn rate, having burnt 10 million and 4.3 million SHIB tokens, respectively. This reduction in supply is viewed as bullish news by traders and investors, as it could potentially drive up the price of the asset even if demand remains constant.

At the time of reporting, the price of SHIB coin had jumped over 3%, trading at $0.00001220. This price increase reflects a bullish impact fueled by the recent surge in the burn rate. The meme coin had previously dipped to a low of $0.00001183 over the past day. This price upswing is also in line with the broader market trend, indicating a recovery-like pattern. Bitcoin, for instance, regained its hold above $83K after slipping as low as $74K this week. Altcoins and meme coins have largely followed this uptrend, with Shiba Inu recovering from a weekly low at the $0.000010 level.

Market sentiments surrounding the meme coin are already optimistic. SHIB Knight posted on X amid this upswing, revealing that $0.00001570 is the short-term price target. Market participants remain highly optimistic as the meme coin has shown the potential to achieve such a feat ahead.