Shiba Inu Burn Rate Soars 464% This Week, Signaling Bullish Momentum for the Meme Coin

The weekly Shiba Inu burn rate saw an astounding 464% increase, with 624.5 million tokens burned over the past seven days

Shiba Inu's (CRYPTO: SHIB) burn rate soared by an impressive 464% this week, with a total of 624.5 million SHIB tokens burned over the past seven days. This significant burn aligns with a notable intraday price increase of 6% for SHIB, signaling bullish momentum for the meme coin.

The burning activity, which was highlighted in an X post by the official Shibburn X handle on Wednesday, has notably reduced the market supply of Shiba Inu. According to the latest statistics provided by the tracker's X handle, there are currently 589.262 trillion SHIB in circulation.

To provide some context, the burning mechanism of the meme currency aids the ecosystem in eliminating token production, which, in the realm of demand and supply, translates to a bullish factor. This narrative bodes well for the future price movements of the meme coin.

Highlighting this aspect further, a recent CoinGape article pointed out the potential for market gains.

A crypto whale reportedly made millions trading SHIB during the coin's recent bull run. This saga, coupled with the token's astronomical burn rate spike, contributes to the narrative of why it attracted market interest.

Meanwhile, the price of SHIB rose by about 6% intraday, currently trading at $0.00002519. In the span of 24 hours, the cryptocurrency hit a low of $0.00002319 and a high of $0.00002596. SHIB had a market valuation of $14.78 billion as of today. This increasing activity aligns with the aforementioned surge in the Shiba Inu's metabolic rate.

At the same time, it is noteworthy that the current price increase aligns with a broader meme coin rally. Dogecoin (CRYPTO: DOGE), Pepe Coin (CRYPTO: PEPE), and Dogwifhat (CRYPTO: DOGWI) continue to present signs of a joke crypto market upswing, with gains of 61%-101% extending over the weekend.

This bull market has even prompted the lead developer of the token, Shytoshi Kusama, to take to X, exclaiming, "LFGOOOOO!!!!!". Such announcements tend to pique market speculation, given that the dog-themed meme coin signifies extreme optimism.

Moreover, a recent Shiba Inu price analysis by CoinGape, covering the cryptocurrency's historical patterns, suggests the potential for further parabolic price gains. This narrative continues to instill optimism among many market followers regarding the future of the cryptocurrency.