Shiba Inu soars over 17% on heels of burn rate spike

Dog-themed meme coin Shiba Inu is currently up by 17.7% for the day and 30% over the past week.

The upward momentum marks the highest Shiba Inu (SHIB) reached since April 1.

Multiple media reports suggest the rally is due to a massive burn rate spike — over 7,400% — and a reduced supply. Whether this momentum will be sustained remains to be seen.

In a Nov. 21 X post, Analyst Ali Martinez predicted that SHIB could climb to $0.000037— 54% above its price at the time.

Another analyst, Javon Marks, anticipated a potential rally to $0.000081, representing an increase of over 200%.

Shiba Inu tokens keep burning

On Sunday, Shiburn data revealed a 984.26% spike in Shiba Inu token burns over the past seven days, with the circulating supply now at around 589.2 trillion.

Crypto.news previously reported that Shibarium, its layer-2 blockchain, processed more than 541 million transactions in recent months.

Observers note that the network growth is bullish for SHIB, as transaction fees — collected in BONE tokens — are partially converted into SHIB and burned, further lowering supply.