SHIB Burn Rate Rockets 320%, Will It Spark A Shiba Inu Price Rally?

The SHIB burn rate has rocketed 320% recently, sparking optimism in the crypto market. Meanwhile, this development has also fueled speculations over its potential impact on Shiba Inu price, with many anticipating a potential rally in the coming days. In addition, the recent growing interest in the meme coins sector has also cemented bets over a potential rally in the crypto’s price along with the broader segment.

SHIB Burn Rate Soars 320% Fueling Optimism

According to the recent Shiba Inu burn rate tracker, Shibburn data, the SHIB Burn rate rocketed 320% sparking market optimism. The recent data showed that 10.31 million tokens were burnt in the last 24 hours, prompting the surge in the latest burn rate.

Source: Shibburn

In the last 24 hours, two addresses caught the eyes of the investors, burning 6.94 million tokens and 3.31 million tokens, respectively. Meanwhile, the burning of the self-proclaimed “dogecoin killer” has gained notable traction in recent days.

Recently, the Shiba Inu burn rate jumped around 33,000% in the 24-hour timeframe, with over 1 billion tokens incinerated. Having said that, the recent jump in the burn rate has fueled speculations over a potential rally in the Shiba Inu price.

For context, the burning of tokens decreases the supply of the overall tokens from the market, which in turn usually increases the value. As of writing, a total of 410.73 trillion tokens were burnt from the initial supply, while the total circulating supply remained at 583.50 trillion.

What’s Next For Shiba Inu Price?

SHIB price was down more than 8% today, despite a surge in the SHIB burn rate, and exchanged hands at $0.00001801. Its trading volume soared nearly 9% to $580.77 million. Notably, the slump in the price of one of the top meme coins comes amid a downturn momentum noted in the broader crypto market.

However, according to a recent Shiba Inu price analysis, the dog-themed meme coin is eyeing a triple-digit rally of around 283%. This has further fueled the bullish sentiment in the market, with investors keeping a close track of the crypto.

On the other hand, both October and the overall fourth quarter tend to be a bullish month for Bitcoin as well as for the top altcoins. Having said that, the market is anticipating a rally for the crypto amid the ongoing bullish sentiment hovering in the market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.