Shiba Inu coin has again reverberated bullishness across the broader market on Thursday, witnessing a staggering 4500% uptick in the SHIB burn rate. Latest burn data indicated that over 50 million coins were taken out of the token’s circulating supply, underlining the crypto’s potential to pump ahead. Simultaneously, even the meme coin’s intraday movement showcased remarkable gains, pouring additional optimism toward the crypto’s future movements.
SHIB Burn Soars 4500% As Over 50M Coins Destroyed
According to the official burn tracker Shibburn’s data on November 28, the SHIB burn rate showed a 4483% surge over the past day. This massive surge is primarily attributed to the destruction of 53.61 million tokens. Besides, following the token destruction, market supply for the dog-themed meme crypto totaled 589.26 trillion SHIB.
In the preliminary context, the meme coin’s token burn mechanism results in a supply decline for the asset, which is a bullish aspect per the law of supply and demand. Simultaneously, other bullish events appear to have bolstered the crypto’s market standing.
Notably, Binance has recently expanded trade offerings for Shiba Inu coin, CoinGape reported. The leading crypto exchange commenced spot grid and spot DCA for SHIB/USDC, paving the path for further money inflow into the token’s ecosystem.
Overall, the burn rate surge and enhanced trade offerings generated an optimistic torrent for the cryptocurrency and its price movements.
Shiba Inu Coin Soars 5%
At the time of reporting, Shiba Inu price gained 5% to reach $0.00002557. The coin’s 24-hour low and high were $0.00002435 and $0.00002644, respectively. As mentioned above, the coin showcases a bullish trajectory against the backdrop of a SHIB burn rate surge and enhanced market offerings for the asset.
Simultaneously, a recent SHIB price analysis by CoinGape indicated that the meme coin also eyes a parabolic run ahead. This analysis comes against the backdrop of several bullish formations on the token’s chart. Overall, recent market stats indicate that the Shiba Inu coin has underlined noteworthy potential to pump ahead amid a broader meme coin market frenzy witnessed recently.
The post SHIB Burn Rate Spikes 4500%, Shiba Inu Coin To Set Go Parabolic? appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed