Shiba Inu Sees 3B Token Burn This Week, What’s Next For SHIB?

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As a seasoned researcher who has witnessed the rise and fall of numerous cryptocurrencies, I must admit that the recent developments surrounding Shiba Inu have piqued my interest. The massive token burn this week, amounting to 3 billion coins, is an unprecedented move that echoes the law of supply and demand.

Once more, Shiba Inu – the popular cryptocurrency themed around dogs – has ignited optimistic feelings among both traders and investors worldwide, mainly due to its token burning storyline. Over the weekend, it was revealed that approximately 3 billion coins were removed from circulation. This development has caused a significant surge in bullish sentiments towards this meme coin, with many traders predicting a new all-time high (ATH) could be reached soon.

Shiba Inu Records 3B Tokens Burnt This Week

Over the past week, as reported on X’s official tracker Shibburn, an impressive 2.83 billion Shiba Inu coins were destroyed. This significant token burning event led to a notable 60% increase in the weekly burn rate.

During this time period, the information from intraday burn data indicated a massive 400% increase, which corresponded to 267.14 million tokens being burned, as shown by Shibburn data. It’s worth noting that CoinGape reported the 1 CENT DREAM project had recently burned 250 million coins, mirroring this surge. As a result of these burning events, the total number of SHIB in circulation has dropped to 589.25 trillion tokens at present. The significant decrease in supply has sparked optimism among investors about the meme coin, reflecting the principle of supply and demand.

At the same time, other progress within the community has added more excitement towards the token. As reported by CoinGape, the lead developer of the token, Shytoshi Kusama, suggested that the launch of the TREAT token is approaching soon. This highly anticipated upcoming event has only served to increase investor interest in the Ethereum-based token.

SHIB Price Eyes Massive Rally Ahead?

Currently, the Shiba Inu coin price increased by 5% today and was at $0.00003156. Its lowest and highest points within the last 24 hours were $0.00002955 and $0.00003186, respectively. Interestingly, the long-term charts suggest growing optimism among investors, with weekly gains at 16% and monthly gains reaching as high as 68%. This bullish trend aligns with the community’s efforts to burn tokens.

Additionally, CoinGape’s latest analysis on Shiba Inu suggests that it could potentially reach an all-time high by 2025. This optimistic outlook is based on ongoing coin burns, advancements within its community, and bullish market trends. Given these positive market conditions, cryptocurrency fans are closely watching the token for potential price increases.

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2024-12-07 15:19