The Shiba Inu coin has seen a significant surge in its burn rate, further fueling market optimism and hinting at a potential bull run ahead. The recent incineration of 107 million coins has led to a bolstered price action, despite recent turbulence in the crypto market.

The Shiba Inu burn rate has soared over 800% in the past 24 hours, with Shibburn tracker's insights revealing that the coin has destroyed over 100 million tokens. This development has injected a shot of market optimism into the dog-themed meme coin, as the supply continues to take a hit.

Burn Rate Spikes Amid Rising Adoption

The Shiba Inu burn rate surge comes alongside another development that underscores SHIB's rising adoption within the crypto realm. The crypto space saw the first time a meme coin was used to pay for a complete web3 food delivery order, per The Shib Magazine. This underlines SHIB's mainstream adoption as a payment method.

On the other hand, Shibburn's data spotlighted an 859.83% surge in the burn rate, primarily attributable to the destruction of 107.08 SHIB tokens over the past day. A total of 410.72 trillion SHIB have been recorded to be taken out of the supply to date.

Shiba Inu Coin Price and Market Sentiments

Despite the significant number of coins burnt, SHIB has traded sluggishly in the past 24 hours, igniting inferences surrounding its future movements. The SHIB price chart showed a 0.27% fall from yesterday and is currently trading at $0.00002166. Weekly charts illustrate that Shiba Inu corrected 14.20%. However, the hourly timeframe chart demonstrates that the token gained 0.41%, aligning with the surge in the burn rate.

Data by Etherscan shows a significant rise in Shiba Inu holders, totaling 1.39 million today, June 14. Despite its recent price correction, this is a silver lining for the token, hinting at a potential buy-the-dip strategy among market participants.

However, the derivatives market saw a notable decline in trading activity and investor interest in the asset, aligning with the price dip. SHIB Futures OI saw a 1.68% fall, whereas the derivatives volume plunged 64.37%. Besides, the RSI also moved around 38, rationalizing SHIB's downside momentum.

Market Outlook

Nonetheless, as the burn rate continues to soar, further escorted by the rising SHIB adoption and increase in token holders, market sentiments convey a potential bullish shift in price awaits. It's worth remembering that although talks of a post-BTC halving rally have cooled down, market experts anticipate it is yet to kick in ahead, bringing in a price rally for altcoins.