Shiba Inu Burn Rate Soars by 3674% in a Day, Signaling Positive Price Momentum

The supply of the Ethereum-based meme coin took a major hit on November 6 due to a 3674% increase in the Shiba Inu burn rate

Shiba Inu (SHIB) saw a massive 3674% increase in its burn rate on November 6, with 53.31 million SHIB tokens being removed from circulation. This huge burn is bound to have a positive impact on the meme coin’s price.

According to the latest statistics from Shibburn, a platform that tracks Shiba Inu burns, the meme coin saw a huge spike in its burn rate on Monday, with a total of 53.31 million SHIB being burned in the last 24 hours.

The statistics show that there was an impressive burn rate of 53.31 SHIB in the last day. Interestingly, the majority of today's huge burn surge can be attributed to the wallet address 0x2e2…. This address spent 28.84 million tokens in the last 24 hours, according to the statistics.

This burn rush is bound to have a positive impact on SHIB's price, as market observers have linked the meme coin's lackluster performance to its oversupply of tokens, which the burn mechanism helps to reduce. According to the law of supply and demand, the extraordinary surge in demand for Shiba Inu sparked widespread optimism among market participants.

At the same time, recent neighborhood developments have captivated the broader market.

Shiba Inu Developer Submits Proposal to U.S. to Create a “Crypto Valley”

Shytoshi Kusama, a leading Shiba Inu developer, had earlier submitted a S.H.I.B. plan to the U.S. government with the aim of transforming the nation into a crypto valley. The presented proposal, which is primarily centered on the dog-themed meme coin, has a spending plan that ranges from $1.3 to $2.35 billion and aims to bolster blockchain advancements countrywide.

SHIB Price Surges as Optimism Mounts over Coin's Future Price Swings

The burn rush and its latest advancement have stoked optimism regarding the coin's future price swings, Coingape reports.

At the time of reporting, the SHIB price had risen by about 7% intraday, currently trading at $0.00001908. The token's lowest and highest points were $0.00001758 and $0.00001972, respectively. The crypto's intraday trading volume also increased, reaching $1.16 billion, an increase of roughly 200%.

Coinglass Data Shows an Uptrend in SHIB Futures

According to Coinglass data, the meme coin's market value has been on the rise recently. SHIB futures OI increased by 25%, reaching $51.14 million.

There was also a huge increase in derivatives volume, which reached around $384 million. Together, these figures and the previously mentioned rise in the Shiba Inu burn rate are setting the stage for more price gains for the coin.

Optimism in Crypto Markets as Trump Victory Boosts Confidence

After Donald Trump's recent victory, the cryptocurrency market now seems more bullish. Because of this, a Shiba Inu pricing study shows that the token might reach $2 due to improved market sentiment.