PATNA (CoinChapter.com) — Shiba Inu burn rate is up! It had followers in a tizzy, prompting a torrent of social media posts speculating if the SHIB price was likely to reach PHP 5.56 (~$0.10) soon. But is it even possible, or are Shiba Inu fans building unnecessary hype around the community? Memecoins are notorious for baseless pumps (and dumps) anyway. Let’s discuss in this CoinChaper exclusive about the second-largest joke cryptocurrency after Dogecoin.
Shiba Inu Burn Rate Up 500,000% — YES IT IS
Shiba Inu’s burn rate rose by nearly 500,000% on Nov. 27. Burning tokens helps decrease the total supply of a crypto token, which is why the increased Shiba Inu burn rate excited users, specifically the memecoin’s long-term bulls.
The aggressive spike in Shiba Inu’s destruction rate potentially heightens investors’ interest, given its deflationary mechanics for SHIB. As a result, several influencers have lapped up the opportunity to shill memecoin and gain traction for their posts, including lustrous claims that the SHIB price may even reach $0.10 in the future.
Where is Shiba Inu’s Elon Musk?
But the SHIB price has not reacted — at all — to the news, as the daily chart below illustrates.
SHIB price reaching PHP 5.56 ($0.1) remains a distant possibility due to basic Maths. With a circulating supply of nearly 590 SHIB tokens, a price tag of PHP 5.56 ($0.1) would result in a Shiba Inu market cap of PHP 3.28 quadrillion (or $59 trillion).
For reference, the current crypto market cap, including Bitcoin (BTC), Ethereum (ETH), etc., sits near PHP77.56 trillion ($1.4 trillion).
The Shiba Inu burn rate increased due to a massive spike in SHIB’s on-chain activity since the project’s burn mechanism works by destroying a part of its network transaction fees.
Crypto Analyst Bats For Memecoin
Meanwhile, crypto analyst Kaleo told his roughly 607,000 followers he expected SHIB price to turn bullish soon, prophesizing a considerable rally for SHIB in a Nov. 20 post.
Kaleo’s analysis suggested that SHIB could surge past PHP 0.00078 (USD 0.000015) from its current PHP 0.000045 (USD 0.00000861), helping investors pocket 74% gains.
Furthermore, a spot Bitcoin ETF getting approved could help buoy the wider crypto market, resulting in SHIB price rallying higher. Additionally, Shiba Inu developers shared five major crypto trends for the next bull run.
The team stated that Real World Assets (RWA) tokenization would play a key role when the next bull market arrives. RWA tokenization refers to converting real-world assets into blockchain-based digital tokens.
Other key sectors were SocialFi, GameFi, and AI-crypto integration.
