Shiba Inu’s burn rate recently surged by an impressive 6750%, boosting optimism within the SHIB community regarding its long-term goal of reaching a $0.01 price target.
Shiba Inu Burn Rate Surges, Fueling Investor Optimism:
According to recent data from Shibburn on October 23, the burn rate of Shiba Inu saw a dramatic 6750% increase over the past 24 hours, with 27.10 million SHIB coins removed from circulation. Currently, the total circulating supply stands at approximately 589.26 trillion coins. Over the past week, around 58 million coins have been burned, reinforcing hopes that reduced supply could positively impact future price movements, consistent with supply and demand principles.
- Recent advancements within the Shiba Inu ecosystem have further driven bullish sentiment. Previous CoinGape reports highlighted that recent surges in burn rates, alongside growing activity on Shiba Inu’s Layer 2 network, Shibarium, suggest robust ecosystem growth. These developments have led to renewed optimism for a possible rally similar to the one seen in 2021.
Can SHIB Hit the $0.01 Mark?
Despite the surge in burn rates, SHIB’s price faced volatility, dropping by 2.5% to $0.00001806 at the time of writing, with intraday lows and highs of $0.00001785 and $0.00001851, respectively. This decline mirrors a broader market trend, creating speculation that contrasts with the optimism sparked by recent developments and burn activity.
- However, the ongoing burn efforts have maintained a positive outlook for SHIB’s long-term potential. Shiba Inu’s marketing lead, LUCIE, has previously expressed confidence in the token reaching the $0.01 target, citing her own commitment to holding SHIB since 2021. While achieving this ambitious goal may take time, the persistent reduction in supply could play a crucial role.
- Additionally, Coinglass data showed a 5.9% decrease in SHIB’s futures open interest to $52.65 million, while derivatives trading volume fell by nearly 22% to $106.71 million. These figures align with the token’s recent price dip, but the broader outlook remains hopeful due to continued ecosystem growth and strategic burn initiatives.
