Shiba Inu Community Burns 87M Coins This Week, What’s Next For SHIB?

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In the past week, a substantial amount of Shiba Inu tokens have been destroyed within the community. This move aims to decrease the number of available tokens, creating a sense of scarcity which could potentially boost the token’s price due to increased demand relative to supply. It is believed that the price of this popular meme coin, currently ranked second by market capitalization, may increase in the upcoming days.

Shiba Inu Community Burns 87 Million SHIB

Over the past seven days, the Shiba Inu community has destroyed approximately 87 million SHIB tokens. This represents a significant increase of 52.74% in the burning rate compared to the previous week. However, it’s worth noting that the burn rate decreased by 90.17% in just the last 24 hours, as pointed out by Shibburn’s recent post. The main goal behind this process is to reduce the number of SHIB tokens in circulation, which could potentially drive up the coin’s price. At present, the circulating supply of SHIB stands at a staggering 589 trillion tokens.

According to initial findings, the daily burn rate of Shib decreased by 72%. This sudden drop has sparked discussions about potential effects on its market value.

Effect on SHIB Price

Over the past day, Shiba Inu prices have shown a positive response to recent developments, increasing by approximately 1.33%. Yet, over the last week, the price has dropped by about 9.52% and over the past month, it has fallen by 23.63%. The trading volume over the last 24 hours has decreased by 10.29%, while Open Interest has experienced a growth of 31.32%. The overall sentiment towards Shiba Inu is bearish, with an FGI of 69 points and volatility around 10.09%.

Reducing the number of available tokens has proven effective in the past, as demonstrated by Bitcoin. Following the halving event in April 2024, Bitcoin’s price has climbed and is currently above $90,000. This gives the Shiba Inu community hope that the value of their SHIB holdings will eventually surge, leading to a bull market.

What’s Next for the Shiba Inu Community?

In the Shiba Inu community, there are two main events happening: predicting potential SHIB prices in the future and observing the debut of the TREAT token. As per Coincodex predictions, SHIB prices might increase by approximately 0.52% to reach $0.00002216 within the next 30 days. The optimistic speculations show a potential growth of 105.39%. However, keep in mind that the cryptocurrency market is notoriously volatile, and price fluctuations can go either up or down without warning.

The TREAT token will officially debut on January 14, 2025. It’s being touted as a groundbreaking initiative that could significantly impact the global Shiba Inu community.

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2025-01-11 15:19