Shiba Inu (SHIB), the Ethereum-based meme coin, has recently experienced a massive surge, with a 52% increase over the past week. But that’s not all – its burn rate has skyrocketed by a jaw-dropping 1,837%, with nearly half a billion SHIB tokens burned. This surge has sparked excitement, with many investors now predicting SHIB could rise by as much as 300%.
Could this be the next big cryptocurrency breakthrough?
On November 11, data from Shibburn revealed a remarkable 1837.67% rise in the burn rate. A total of 463.45 million SHIB tokens were burned in a single day, leading to a significant reduction in SHIB’s circulating supply. As of the latest report, only 589.26 trillion SHIB remain in circulation.
This burn process is key to SHIB’s price potential. By lowering the total supply, the value of each remaining token could rise, following the basic principle of supply and demand.
In the past week, 615.15 million SHIB tokens have been destroyed, adding to the growing excitement around the coin. As the burn efforts continue, many investors believe this could lead to a significant increase in SHIB’s price in the future.
The recent surge in SHIB’s price can also be attributed to the overall bullish sentiment in the crypto market. The victory of Donald Trump in the U.S. elections has boosted investor confidence in cryptocurrencies, including SHIB.
Along with this, the popular trading platform Robinhood recently allowed SHIB transfers in the EU, further fueling interest in the coin.
Currently, SHIB’s price stands at $0.00002527, reflecting a 13% rise in the past 24 hours. Over the past week, the coin has gained an impressive 53%, and some analysts believe the rise may continue.
With trading volume up by 245% to $6.32 billion, it’s clear that investors are excited about SHIB’s future.
More Gains Ahead?
Some forecasts predict a 300% price increase for SHIB as its popularity grows and the burn efforts continue to reduce its supply. If these trends hold, SHIB could become one of the top-performing coins in the market.
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