As a seasoned analyst with years of experience in the volatile and ever-evolving crypto market, I find the recent development surrounding Shiba Inu coin intriguing. The 250 million token burn proposed by the 1 CENT DREAM project, if successful, could significantly impact the meme crypto’s market dynamics.
To boost optimism towards the Shiba Inu coin, it seems the community is planning a significant token burn of 250 million coins. Last Friday, a well-known trader within the SHIB community announced that the goal of the “1 Cent Dream” project is to accomplish this very task. Meanwhile, traders and investors in the crypto market are anticipating substantial price increases for the meme cryptocurrency before Christmas, hoping for a dog-themed windfall.
Shiba Inu Coin’s Community Eyes 250M Token Burn By 1 CENT DREAM Project
On December 6th, a post from SHIB Knight revealed that the Shiba Inu coin’s group is planning a 250M token burn for today. Importantly, the 1 CENT DREAM initiative will carry out this token destruction.
In simpler terms, the reduction in the number of the cryptocurrency based on dog memes, called burn mechanism, decreases its available tokens in circulation. This makes market trends more favorable. Additionally, it’s worth mentioning that CoinGape Media had earlier reported significant Shiba Inu coin burns, which has added to optimism about future price fluctuations. The positive outlook for the coin prices mainly stems from the concept of supply and demand, suggesting that with decreasing supply, price increases are likely in the near future.
At the same time, an accumulation of positive occurrences is strengthening the upward trend for cryptocurrencies, suggesting significant growth could be seen in them by the end of Christmas.
SHIB Price To $0.00005 By Year End?
Despite the optimistic news, SHIB price cracked nearly 6% intraday and reached $0.00002996. Its 24-hour low and high were $0.00002991 and $0.00003243, respectively. Nevertheless, weekly and monthly charts for the token showcased gains worth 19% and 58%, respectively. The broader momentum indicates an ongoing bull run for the meme coin amid a broader bullish Q4 crypto market.
At present, predictions from CoinGape Media indicate that Shiba Inu’s price could potentially reach $0.00005458 by December 31st. This optimistic outlook is based on favorable market technical indicators such as a bullish RSI and MACD. Investors are closely observing the coin, hoping for additional growth given these market conditions.
Furthermore, the impending release of the TREAT token, a groundbreaking initiative for Shibarium, is fueling enthusiasm in the crypto market about the meme coin’s potential future. The project’s main developer, Shytoshi Kusama, hinted last month that the launch of the TREAT token is approaching soon. If this new token is indeed released by the end of the year, it could potentially drive further growth for the Shiba Inu currency.
Moreover, Kusama indicated that the launch of the SHIFU coin is imminent, which has sparked interest about potential changes in its price trajectory. It’s worth noting that SHIFU is a cryptocurrency supported by the developers behind Shiba Inu (SHIB). The crypto community keeps a close eye on this Ethereum-based meme token for any upcoming price fluctuations as new developments unfold within its ecosystem.
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2024-12-06 16:27