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The popular dog-themed meme cryptocurrency Shiba Inu (SHIB) continues to attract attention during a bullish market phase. A significant increase in the burn rate observed on Saturday further solidified market optimism. Recent statistics indicate that the weekly burn rate of the meme coin has nearly surged by 450% after burning over 600 million tokens in the past week.
Record Weekly SHIB Burn Rate
According to a post made by Shiba Inu’s official Shibburn X account on November 16, the weekly burn rate increased by 464%, with 624.5 million tokens burned in the last seven days. This notable increase has led to a considerable reduction in the total market supply of the meme coin.
Impact on SHIB Supply and Ecosystem
Recent data reveals that Shiba Inu’s current market supply stands at 589.262 trillion tokens. The burning mechanism of the meme coin is seen as a positive factor, helping to reduce token supply according to laws of supply and demand. This situation has generated significant optimism regarding potential price movements for the meme coin.
Price Increase and Trader Gains
A recent report by CoinGape Media suggests that Ethereum 
$2,520-based tokens have the potential to yield profits for traders. During the recent bullish trend, a cryptocurrency whale reportedly made millions through SHIB trading. This development continues to attract market attention alongside the increase in the token’s burn rate.
Future Expectations for SHIB Price
Today, SHIB’s price saw approximately a 6% rise, reaching $0.0000251. The cryptocurrency experienced a low of $0.00002319 and a high of $0.00002596 within 24 hours. The market capitalization of the token was recorded at $14.78 billion today, with this increase aligning with the burn rate growth of Shiba Inu.
Overall Bullish Trend in the Meme Coin Market
Simultaneously, other meme coins like Dogecoin 
$0.186863, Pepe Coin, and Dogwifhat also recorded weekly increases ranging from 61% to 101%, reinforcing the bullish sentiment in the market. Developer Shytoshi Kusama’s statements have also heightened market curiosity.
A recent analysis by CoinGape Media suggests that Shiba Inu reflects historical patterns, indicating potential parabolic price increases. Market observers maintain high optimism regarding the cryptocurrency’s future performance.
The significant increase in Shiba Inu’s burn rate may enhance price pressure by reducing the token’s supply. Continued burning mechanisms could improve the supply-demand balance, contributing to price increases. This scenario presents potential profit opportunities for traders.
