Shiba Inu's supply took a significant hit on November 21, as its burn rate rose 2225% with 14.58 million tokens destroyed. Despite a 2% price decline, market sentiment stays bullish amid monthly gains and favorable on-chain trends.
Shiba Inu (SHIB) experienced a massive surge in its burn rate on November 21, with 14.58 million tokens being destroyed, according to an X post by Shibburn. This marks a 2225% increase in the burn rate compared to the previous day.
The burning process involves sending SHIB tokens to a null address, effectively removing them from the market. As these tokens can never be recovered, the burning mechanism is designed to reduce the overall supply of SHIB, potentially driving up its price due to the principles of supply and demand.
However, despite the significant increase in burn rate, the price of SHIB decreased by 2% intraday, trading at $0.00002386 at the time of writing. The token faced a 24-hour low of $0.00002311 and a 24-hour high of $0.00002478. Notably, the monthly chart showcased gains of 30%.
Moreover, a recent price analysis by CoinGape highlights key reasons why buyers should hold onto their coins, indicating a bullish sentiment for meme coins like SHIB. Additionally, new on-chain data suggests that the meme sector is poised for further rallies in the future. This analysis bodes well for top meme currencies like SHIB, DOGE, PEPE, and others, hinting at a possible continuation of the surge. Notably, meme coins like DOGE and PEPE have surged by 90%-169% in the past month.
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