Shiba Inu Coin (SHIB) has experienced a remarkable 4500% increase in its burn rate, removing over 50 million tokens from circulation. This significant burn event has generated bullish momentum for the meme cryptocurrency, highlighting its potential for further growth. Alongside this, SHIB’s intraday market performance has shown notable gains, fueling optimism about its future prospects.
Burn Rate Soars: 50 Million SHIB Removed
Data from Shibburn indicates that, as of November 28, the SHIB burn rate surged by 4483% in the past 24 hours, driven by the destruction of 53.61 million tokens. Following this burn, the circulating supply of SHIB now stands at 589.26 trillion.
At the same time, Binance has expanded its offerings for Shiba Inu Coin, introducing spot grid and spot DCA trading for the SHIB/USDC pair. These new trading options aim to boost liquidity and enhance the token’s ecosystem, creating a positive outlook for SHIB’s price trajectory.
SHIB Price Gains Momentum
As of writing, SHIB’s price has increased by 5%, reaching $0.00002557. Over the past 24 hours, SHIB’s low and high ranged from $0.00002435 to $0.00002644. The combination of the burn rate spike and expanded trading opportunities suggests a bullish trend for the token.
According to a recent analysis from Dey There, SHIB is forming multiple bullish patterns on its charts, indicating a potential parabolic rise. This aligns with the broader resurgence of meme coins in the market, positioning SHIB as a key player in this trend.
What’s Next for Shiba Inu?
The surge in SHIB’s burn rate and Binance’s expanded trading features have strengthened the cryptocurrency’s market standing. These developments not only highlight Shiba Inu’s upward momentum but also signal potential opportunities for investors.
Shiba Inu’s recent achievements underline its role as a prominent meme coin with substantial growth potential. As Dey There notes, the combination of strategic burns, trading support, and bullish market sentiment could further enhance SHIB’s position in the cryptocurrency market.
Shiba Inu Coin, SHIB burn rate, Binance SHIB/USDC, SHIB price increase, meme coin trends
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