Shiba Inu Burn Rate Surges by 3674% in 24 Hours
On November 6, Shiba Inu (SHIB) experienced a staggering 3,674% spike in its burn rate, with 53.31 million SHIB tokens permanently removed from circulation. This dramatic reduction in supply—led primarily by a single wallet address (0x2e2..)—has injected fresh optimism into the SHIB community, signaling potential upward price momentum.
Key Highlights:
- 53.31 million SHIB burned in a single day.
- 28.84 million tokens destroyed by one dominant address.
- Data sourced from Shibburn, the official burn tracker.
Market Impact: Scarcity and Sentiment
Addressing SHIB’s Oversupply Challenge
Market analysts have long cited SHIB’s excessive token supply as a barrier to price growth. The burn mechanism counteracts this by systematically reducing circulation, aligning with the law of supply and demand. The recent burn surge has amplified bullish sentiment, with traders anticipating tighter supply conditions.
Price Reaction and Trading Activity
- Current SHIB Price: $0.00001908 (+7% intraday).
- 24-Hour Range: $0.00001758 (low) – $0.00001972 (high).
- Trading Volume: $1.16 billion (+200%).
👉 Explore SHIB’s latest price trends
Ecosystem Developments: Shiba Inu’s Strategic Vision
Proposal to Transform the U.S. into a "Crypto Valley"
Lead developer Shytoshi Kusama unveiled an ambitious $1.3–$2.35 billion proposal to U.S. policymakers, aiming to position the nation as a global blockchain hub. The plan focuses on:
- Accelerating Shiba Inu’s adoption.
- Funding blockchain infrastructure nationwide.
Futures Market Signals Strength
Coinglass data reveals:
- 25% rise in SHIB futures open interest ($51.14 million).
- 137% surge in derivatives volume ($384 million).
These metrics, combined with the burn rate spike, suggest sustained bullish momentum for SHIB.
Broader Crypto Market Optimism
Political Tailwinds
The crypto market’s upbeat mood follows Donald Trump’s recent electoral victory, which has bolstered confidence in digital assets. Analysts speculate that SHIB could benefit from this macro shift, with some projecting long-term price targets as high as $2.
FAQs
1. Why did SHIB’s burn rate spike 3,674%?
A single wallet (0x2e2..) burned 28.84 million tokens, driving the unprecedented increase.
2. How does burning SHIB tokens affect its price?
Burning reduces supply, potentially increasing scarcity and upward price pressure.
3. What is Shytoshi Kusama’s U.S. proposal about?
The plan seeks $1.3–$2.35 billion in funding to make the U.S. a blockchain leader, with SHIB as a cornerstone.
4. What are the latest SHIB price trends?
SHIB gained 7% intraday, with volume hitting $1.16 billion (+200%).
👉 Track SHIB’s real-time market data
Disclaimer: Crypto investments are volatile. Conduct independent research before trading.