The latest monthly SHIB burn data has fueled considerable optimism about Shiba Inu’s potential to reach $0.0001 soon. As reported by Coingape, the burning of nearly 125 million SHIB tokens last month has drawn attention, sparking bullish sentiment and confidence in the meme coin’s future price prospects.
According to Shibburn tracker data, October saw about 85 burn events, reducing SHIB’s supply by 124.5 million tokens. The average daily burn stood at approximately 4.291 SHIB, significantly reducing the circulating supply and triggering positive sentiment based on supply-demand dynamics.
Shiba Inu’s circulating supply now stands at 589.26 trillion coins, with the burn rate helping to drive optimism. Additionally, September’s burn of about 349 million coins continues to reinforce bullish views on the token. Shibarium’s ecosystem activity has also seen growth, adding to market confidence in SHIB’s upward potential.
At press time, SHIB trades at $0.00001857, reflecting slight fluctuations. While some traders question whether SHIB can hit $0.0001, market enthusiasm remains strong, with notable developments and increasing token burns encouraging investors.
A CoinGape Media report noted that Shiba Inu has gained traction as one of the top long-term holds among crypto investors, contributing to a positive market outlook. Moreover, SHIB’s lead developer, Shytoshi Kusama, has drawn attention to the meme coin’s recent outperformance against Bitcoin, further boosting optimism.
A recent price analysis by CoinGape suggests a potential target of $0.000081, supported by the broader market’s bullish sentiment, impending U.S. elections, and SHIB’s growing market cap. If SHIB reaches this target, a run towards $0.0001 may be within reach.
