In a notable shift, Shiba Inu has seen a dramatic increase in its burn rate as the cryptocurrency market gains momentum. On Monday, recent statistics revealed that the burn rate of the popular meme token surged by 1000%, resulting in the destruction of 500 million SHIB tokens. This uptick is generating excitement among traders and enhancing optimism about the token’s future, especially with potential profit forecasts reaching as high as 300%.
What Caused the 1000% Surge in Burn Rate?
The burn rate jumped by 1028.67% on November 11, according to Shibburn, which tracks Shiba Inu’s burn statistics. This spike was attributed to the incineration of approximately 463.45 million SHIB tokens. As a result, the total supply has decreased to 589.26 trillion tokens.
How Are Elections Influencing Market Activity?
Increased enthusiasm in the cryptocurrency market follows Donald Trump’s recent electoral success, which has spurred traders’ interest. Additionally, Robinhood Crypto EU’s decision to allow Shiba Inu transfers has further heightened engagement with the cryptocurrency, which now ranks second in market capitalization.
Key points from the recent developments include:
- A 1000% surge in Shiba Inu’s burn rate.
- Destruction of approximately 615.15 million SHIB tokens weekly.
- SHIB’s price has risen to $0.00002467, reflecting a daily gain of 9%.
- Weekly gains recorded at 47%.
- Trading volume increased by 245% to reach $6.08 billion.
With these trends, market experts are optimistic about Shiba Inu’s trajectory, anticipating a sustained upward movement in value. The combination of reduced supply and heightened market support due to recent electoral events positions SHIB favorably in the competitive cryptocurrency landscape.