Shiba Inu’s burn rate recorded a remarkable increase of 1300% on Saturday. This surge positively impacted market expectations regarding the future of the meme coin. Recently, millions of SHIB tokens have been removed from the total supply, leading investors to anticipate a price rise. However, despite the increase in the burn rate, fluctuations in the meme coin’s price were observed.
Shiba Inu’s Burn Rate Rises by 1300%, Boosting Market Optimism
According to data from Shibburn, on November 9, the burn rate of Shiba Inu showed a 1323.66% increase, resulting from the destruction of 34.91 million tokens. As a result of this significant rise in the burn rate, the total supply of the meme token has decreased to 589.26 trillion SHIB.
Expectations for SHIB Price Increase
Weekly data indicates that 110.64 million coins were burned over the past seven days. The token burn mechanism contributes to increasing the price by reducing the market supply of the Ethereum 
$3,092-based meme coin, according to the laws of supply and demand. Market observers expect that the continuous significant reduction in supply will positively impact the token price.
According to reports by CoinGape Media, rising whale activity supports optimism for SHIB’s future price movements. This situation continues to provide a positive outlook for the meme cryptocurrency.
Real-time data shows that the SHIB price is currently trading at $0.00001899, experiencing a daily decline of approximately 1%. The 24-hour low and high were recorded at $0.00001847 and $0.00001931, respectively. Market participants continue to monitor the token despite its volatility, considering the positive market statistics.
According to Shiba Inu price analysis conducted by CoinGape Media, the meme token has the potential for a 2.5-fold increase due to positive on-chain metrics. The analysis suggests that a combination of growing market interest, the rise in Shiba Inu’s burn rate, and whale activities could push the token price beyond $0.000045. These developments reinforce investor optimism.
Donald Trump’s recent victory in the U.S. elections has boosted investor confidence in the crypto space and strengthened the market’s potential for a breakthrough. This situation supports the likelihood of a bullish trend for SHIB’s price.
The significant amount of tokens burned by Shiba Inu and the increase in whale activity create positive pressure on the price as supply decreases. For investors, these developments offer promising signals regarding the future of meme coins.
