Shiba Inu Burn Rate Surges 6750%, SHIB Community Vouch for $0.01 Price Target

by

As a seasoned crypto investor with years of experience navigating the volatile digital currency market, I must say that the recent surge in Shiba Inu’s burn rate is nothing short of intriguing. Having witnessed the meme coin’s meteoric rise in 2021 and subsequent corrections, I find myself once again captivated by its potential.

worldwide crypto traders are feeling more positive about SHIB, the well-known meme cryptocurrency inspired by dogs, as it experienced a significant increase in its burn rate on Wednesday. This latest data shows that approximately 27 million coins were removed from circulation, boosting optimism among traders regarding the meme coin’s potential future trajectory. Furthermore, it’s important to mention that members of the SHIB community have expressed hope for a price target of $0.01, further fueling optimism about the coin’s future movements in response to recent events.

Shiba Inu Burn Rate Explodes 6750% Sparking Bullish Investor Sentiments

According to Shibburn statistics updated on October 23, the rate at which Shiba Inu tokens are being destroyed has skyrocketed by an astonishing 6750% within the last day. This dramatic increase is largely attributed to nearly 27.1 million coins being removed from the meme coin’s current circulation. As of now, the total number of circulating coins stands at approximately 589.26 trillion, with this significant burn significantly impacting the supply.

At the same time, it’s clear from the weekly burn data that approximately 58 million tokens have been removed from circulation from the meme token. This ongoing decrease in the token’s available supply fuels optimism about potential price increases for the coin, as per the principle of supply and demand – with supply decreasing while demand remains steady. Furthermore, it’s important to note that interest in the top dog-themed meme coin could potentially grow even more due to recent developments, further boosting its appeal.

To put it simply, the buzz around recent advancements in the ‘ecosystem’ of the cryptocurrency Shiba Inu has increased optimism about its future. A report from CoinGape Media states that the token recently had another significant increase in burn rate, which suggests a possible price surge similar to what was seen in 2021. Additionally, the report shows that there has been a considerable increase in activity on Shibarium, the meme coin’s Layer 2 platform, pointing towards strong growth for its ecosystem. In summary, these recent developments in the ecosystem suggest an upward trend for this cryptocurrency.

SHIB Price To $0.01 Ahead?

As a researcher, I’m observing a noticeable downward shift in the Shiba Inu (SHIB) price today, with the coin dropping approximately 2.5% to $0.00001806 at this moment. The intraday low and high were $0.00001785 and $0.00001851, respectively. It’s worth mentioning that the diminishing performance of SHIB seems to mirror the broader market trend today, fueling doubts contrary to the recent surge in burn rate and encouraging news.

Despite the persistent burning of SHIB, there remains a positive outlook for its future. Specifically, Shiba Inu’s marketing head, LUCIE, has generated significant interest with her prediction of a possible price target of $0.01 for the meme coin. Earlier in March, Lucie disclosed that she had been holding onto the token since 2021 and is confident that it will eventually reach $0.01, even though this goal might take some time to achieve.

Instead, let me rephrase that for you: Today, Coinglass data showed a decrease of 5.9% in the crypto’s futures Open Interest (OI) to $52.65 million. Additionally, the volume of derivatives decreased by about 22% to reach $106.71 million. This downtrend in the crypto’s performance today is reflected in these numbers. However, looking ahead, there seems to be a positive outlook due to recent developments, which could potentially boost the coin’s broader prospects.

Read More

2024-10-23 10:48