As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have witnessed the rise and fall of countless digital assets. However, the recent development surrounding Shiba Inu (SHIB) has caught my attention, and I must say, it’s intriguing.
On Thursday, the rate at which SHIB coins are destroyed each month attracted significant focus, as it significantly reduced the number of Shiba Inu tokens available. According to data from the market, approximately 125 million coins were destroyed over the past month, fueling anticipation about potential price changes for this meme coin. Interestingly, with the recent increase in burning and advancements within its ecosystem, analysts are looking towards a possible future price of $0.0001 for Shiba Inu.
Monthly SHIB Burn Data Sparks Optimism As Millions Of Coins Destroyed
Based on information from the Shibburn tracker, approximately 85 instances of token burning were recorded in October, resulting in the elimination of over 124 million Shiba Inu tokens. According to the data, an average of about 2.93 burns and 4.29 million SHIB tokens being burnt per day took place this month. The large number of coins burned sparked a surge of optimism among investors regarding the coin’s future price fluctuations, in line with the concept of supply and demand. With the crypto’s market supply sustaining a significant reduction this month, the tokenomics reflect an air of optimism.
Significantly, at this moment, Shiba Inu (SHIB) has a total circulating supply of approximately 589 billion coins, and a significant increase in the burn rate is noteworthy. Additionally, it’s important to highlight that burn statistics indicate around 349 million coins were burned last month, September. This information contributes to optimism about potential future price movements for SHIB. In summary, the substantial reduction in the coin’s market supply creates a positive outlook on the token’s future trends.
Moreover, according to reports from CoinGape Media, there have been significant increases in both the burning of SHIB and activity within Shibarium this month. This development adds to the growing optimism about the potential future trajectory of this popular meme cryptocurrency.
Shiba Inu To $0.0001 Possible?
Currently, the Shiba Inu coin’s price stands at approximately $0.00001857. Over the past 24 hours, it has decreased by almost 2%. During this time frame, its lowest and highest prices were $0.00001823 and $0.0000192 respectively. Interestingly, even with the significant burning of SHIB tokens, the monthly chart indicates a modest 1% increase in value. This has led to differing opinions among investors regarding whether Shiba Inu could reach $0.0001 by November.
Due to recent advancements in the ecosystem and substantial burns, there’s growing interest among investors to closely watch the token. A report by CoinGape Media found that Shiba Inu is one of the cryptocurrencies investors have held onto the longest. This data suggests rising market trust in the asset, bolstering optimistic forecasts.
At the same time, it’s important to note that Shytoshi Kusama, the main developer of the token, fueled the excitement in the market by drawing attention to the coin’s impressive performance compared to Bitcoin. This development has further boosted market optimism about the meme-themed digital asset’s potential for significant growth.
Additionally, an analysis by CoinGape Media suggests that Shiba Inu’s price might reach approximately $0.000081 due to the current bullish trend in the market, as well as upcoming U.S. elections and a rising market cap for the meme coin. If this level is surpassed, a potential rise towards $0.0001 may occur.
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2024-10-31 08:44