Shiba Inu Price Eyes $1 As Burn Rate Surges

Notably, this week proves highly optimistic for the Shiba Inu price, as Shibburn data on X indicated a 920% surge in SHIB’s weekly token burn rate. With 320 million coins burnt in the past seven days, the coin’s market supply took a considerable hit. At press time, the total supply was recorded as 589.26 trillion SHIB.

Simultaneously, it’s also worth mentioning that the intraday burn data by Shibburn showed a 367% surge, with 11 million coins destroyed. Altogether, the massive burning chronicle has prompted bullish market sentiments for the Shiba Inu price, mirroring the law of supply and demand.

Highlights

Shiba Inu burn rate soars 900% over a week sparking optimism.

Rising Shibarium activity underscores remarkable growth for the meme coin.

SHIB price spikes, with investors anticipating a potential $1 price target ahead.

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