The significant increase in Shiba Inu’s (SHIB) burn rate has attracted market attention. The meme token experienced a remarkable 6200% rise in its burn rate within a single day, creating a positive impact in the market. Investors are closely monitoring the implications of this supply reduction on the token’s price, which increased by 4% in response to the elevated burn rate.
Impact of the Record Burn Rate Increase
On November 18, Shiba Inu burned 290,000 coins in a single day, representing a 6223% increase over the last 24 hours. The token’s total supply still stands at approximately 589.26 trillion coins. However, a total of 135 million SHIB has been removed from circulation in the past week, resulting in a favorable shift in the supply-demand balance for investors.
Market experts note that substantial burn rates typically support token prices. This dramatic increase in burn rate is particularly attracting investor interest in Shiba Inu. Such supply reductions are known to influence price movements during bull markets.
SHIB Price and Growing Investor Interest
As of press time, Shiba Inu is trading at $0.00002511, with a 24-hour low of $0.00002403 and a high of $0.00002563. The daily increase of 4% clearly illustrates the market impact of the rising burn rate.
Furthermore, Shiba Inu’s futures open interest (OI) increased by 6%, reaching $93 million, indicating growing investor interest in the token. Analysts suggest that SHIB has potential for greater gains in the future, although they caution that a target of $1 remains overly optimistic under current conditions.
Market observers express that the bullish market effect following the U.S. elections supports price movements for Shiba Inu. The extraordinary increase in burn rate is believed to contribute to the upward price movements of the token.
With the notable rise in burn rate, Shiba Inu is solidifying its position in the market. The token’s future movements will be shaped by both supply-demand dynamics and investor sentiment.
