Shiba Inu Rockets Burn 5500%, SHIB Price Supports for Rally?
In a major development witnessed in the meme money industry, the shiba inu seems to have come into limelight again as its burn rate has gone above 5500%. Today, May 10, burn tracking of the meme coin revealed that around 26 million SHIBs were recorded to have been destroyed over the past day, injecting some market optimism into the dog-themed meme token.
Crypto market traders and investors continue to predict a potential future upward price trajectory for SHIB, which is primarily attributed to such token burn chronicles and recent developments in the Shiba Inu ecosystem. By the way, it is worth noting that SHIB was trading in the green at the time of writing and has fallen in line with the large increase in burn rate.
Here is a closer look at the coin’s current market metrics.
Shibburn’s Data Sparks Bullishness Among Investors
The information provided by follower Shibburn paints a clear picture of the token’s burn rate increase. According to data from Shibburn, the staggering increase of 5564.09% came after 25.93 million SHIBs were killed from the total supply of the cryptocurrency. This development clearly gives hope as the reduction in supply is expected to lead to an increased price movement for SHIB.
Meanwhile, at the time of writing, SHIB’s total supply was estimated at 589.27 trillion coins, making the 410.72 trillion tokens burned to date a staggering one. Interestingly, yesterday’s report from parofix Media revealed that the 0xa9d1e08c7793a… wallet address appears to be primarily responsible for the aforementioned increase in burn rate, while other smaller burns have followed suit.
Latest data, 0x0bae1851fb0…. It shows that another address called burned 1 million SHIB today. Upon further investigation, this address was found to still host 17.32 million SHIBs through Etherscan’s data, leading to additional speculation regarding future burns.
Simultaneously, the increase in the massive burn rate has fueled market optimism for SHIB among crypto market participants, and today’s price action also fell in line with the burn data.
Also Read: XRP News: SBI Holdings Launches Validator on XRP Ledger, What’s Next?
Shiba Inu Price Increases
As of writing, the price of the Shiba Inu token has increased by 1.89% in the last 24 hours and is currently trading at $0.00002336. While this price rise is behind the rise in burn rate mentioned above, the weekly charts show that SHIB is experiencing a consolidation, moving sideways.
It is worth noting that bulls or bears can gain control over the token at any time in the market, but the aforementioned burn primarily emerges as a bullish factor for Shiba Inu. Coinglass data shows that SHIB’s open positions increased by 2.21% to $59.96 million, while derivative volume decreased by 1.62% to $113.24 million. This may be further fueling Shiba Inu’s recent turbulent price action.
However, the token has given investors a glimpse of its potential to generate significant gains, with VanEck’s meme coin index recently reaching 195% including SHIB. Additionally, recent ecosystem developments brought about by the Shiba Inu crypto community have further fueled the tremendous bullish sentiment regarding the long-term prospects of the token.
Also Read: Crypto Prices Today May 10: Bitcoin Nears $63K and Ethereum Peaks at $3,100 as Market Recovery
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