Market optimism was sparked by the SHIB burn rate 320% increase today, consistent with a recent Shiba Inu price analysis that suggests a potential triple-digit rally is imminent.
The crypto market has experienced a surge in optimism due to the recent 320% increase in the SHIB combustion rate. In the interim, this development has also sparked speculation regarding its potential impact on the price of Shiba Inu, with many anticipating a potential rally in the coming days.
Furthermore, the recent surge in interest in the meme currencies sector has also solidified speculation regarding a potential price increase in the crypto and broader segment.
SHIB burn rate increases by 320%
Shibburn data, the most recent Shiba Inu burn rate tracker, reported a 320% increase in the SHIB Burn rate, which sparked market optimism. The most recent data indicated that 10.31 million tokens were burned within the past 24 hours, which significantly increased the most recent burn rate.
Investors have been drawn to two addresses in the past 24 hours, which have accounted for the destruction of 6.94 million and 3.31 million tokens, respectively. In the meantime, the self-proclaimed “dogecoin killer” has recently acquired significant momentum about his burning.
In the past 24 hours, the Shiba Inu fire rate experienced a significant increase of approximately 33,000%, resulting in more than 1 billion tokens burned. That being said, the recent rise in the combustion rate has sparked speculation regarding a potential price increase for the Shiba Inu.
To provide context, the burning of tokens reduces the supply of the total tokens in the market, which typically increases in value. At the time of this writing, the total circulating supply was 583.50 trillion, and 410.73 trillion tokens were burned from the initial supply.
What is the future of the Shiba Inu price?
The SHIB price declined by over 8% today, despite a spike in the SHIB burn rate, and was traded at $0.00001801. Its trading volume increased by roughly 9% to $580.77 million. It is important to note that the price decline of one of the most popular meme currencies is occurring in conjunction with a decrease in momentum in the broader crypto market.
Nevertheless, a recent Shiba Inu price analysis indicates that the dog-themed meme coin is poised for a triple-digit rally of approximately 283%. This has further intensified the favorable sentiment in the market, as investors are closely monitoring the crypto.
Conversely, October and the fourth quarter are considered bullish months for Bitcoin and the leading altcoins. However, the market is anticipating a cryptocurrency rally in response to the persistent favorable sentiment that is pervasive.
