Shiba Inu Burn Rate Rockets 14570% Signaling SHIB Price Rally To $1

The Shiba Inu burn rate has rocketed more than 14570% today, gaining significant attention from investors. Besides, this surge also comes amid a spike in SHIB price today, with recent analysis indicating towards a massive breakout for the meme coin. Notably, one wallet address has caught the eyes of the investors, alone contributing a larger percentage in the recent jump in burn rate.

Shiba Inu Burn Rate Skyrockets 14570%

Shiba Inu burn rate has noted a massive spike today, soaring 14,575.02% in the last 24 hours, according to Shibburn data. Notably, the jump comes as a total of 279.65 million SHIB tokens were removed from the circulating supply from yesterday.

Source: Shibburn

As of writing, a total of 410.73 trillion of the meme coin were burned from the initial supply. However, despite the massive burning, the current circulating supply stayed at 583.53 trillion. Notably, the wallet address “0xa9d…d3e43” has gained significant traction today, alone burning about 277.58 million coins today.

Meanwhile, the recent SHIB burn frenzy has caught the eyes of investors, fueling speculations over a potential rally in the crypto’s price. Besides, it also comes at a time when the top meme coins are witnessing significant gains today, amid a recovery in the broader crypto market.

However, the burn rate surge has further appeared to have sparked market confidence. For context, the removal of the token boosts market sentiment, as it typically reduces the supply from the market, which in turn helps in bumping up the asset’s price.

SHIB Price To Hit $1?

Amid the surge in the Shiba Inu burn rate today, discussions are also soaring about whether the SHIB price could hit $1 in the coming days. A recent Shiba Inu price analysis hints that the meme coin could potentially hit the major level of $1, citing several conditions.

As of writing, SHIB price jumped more than 2% and exchanged hands at $0.00001812, while its trading volume jumped 31% to $319.74 million. Furthermore, CoinGlass data showed that Shiba Inu Open Interest rose about 7% today, indicating a growing market confidence towards the crypto.

Simultaneously, another recent analysis indicates that SHIB whale activity could propel strong gains in the crypto. Considering that, along with the massive jump in the SHIB burn rate today, investors appear to have remained optimistic about the meme coin’s future outlook.

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