Shiba Inu Burn Rate Surges 1500%, Fueling Hopes for $0.001 Price Target
Key Points:
- SHIB burn rate soars as over 30 million tokens are removed from circulation.
- Recent ecosystem updates have boosted market optimism.
- The meme coin eyes a potential $0.001 price target this month.
The dog-themed meme token Shiba Inu gained significant market attention after its burn rate surged by 1500%. According to Shibburn, over 33 million SHIB tokens were burned within 24 hours, reducing the circulating supply and intensifying bullish sentiment.
SHIB Burn Rate and Market Outlook
The token’s burn mechanism aims to permanently lower its supply, aligning with the law of supply and demand. Weekly statistics showed over 44 million tokens burned, reinforcing investor confidence. The recent confirmation of the TREAT token launch by Shiba Inu’s lead developer, Shytoshi Kusama, has further fueled optimism about the ecosystem’s growth prospects.
Current Price Action and Projections
- SHIB’s price saw a 2% intraday gain, trading at $0.00002264.
- The 24-hour price range hovered between $0.00002198 and $0.00002294.
Market analysts suggest that surpassing the $0.000025 resistance level could pave the way for SHIB to reach the anticipated $0.001 milestone. Additionally, the ongoing adoption of Shibarium and community-led burns have strengthened the coin’s bullish outlook.
Looking ahead, experts remain optimistic about a sustained rally, particularly as the broader crypto market anticipates a potential bull run in 2025.
