Shiba Inu (SHIB), the popular dog-themed meme token, made headlines on Friday with a stunning 1500% surge in its burn rate. Over the course of 24 hours, more than 30 million SHIB tokens were destroyed, fueling speculations that the meme coin could potentially hit a $0.001 target this month.
SHIB Burn Rate Explodes by 1500% Amid Growing Optimism
According to a recent post by Shiba Inu’s community tracker, Shibburn, the SHIB burn rate skyrocketed by 1550%, signaling a significant reduction in the token’s circulating supply. A total of 33.01 million tokens were burned within a single day, adding to the growing optimism surrounding the asset’s future price movements.
HOURLY SHIB UPDATE$SHIB Price: $0.00002274 (1hr 0.84% ▲ | 24hr 6.27% ▲ )
— Shibburn (@shibburn) January 3, 2025
Market Cap: $13,386,574,644 (6.33% ▲)
Total Supply: 589,257,088,533,288
TOKENS BURNT
Past 24Hrs: 33,019,571 (1550.22% ▲)
Past 7 Days: 44,033,392 (-33.68% ▼)
The Shiba Inu burn mechanism is designed to permanently eliminate tokens from circulation, effectively lowering supply. This supply reduction is expected to create upward pressure on SHIB’s price, aligning with the fundamental law of supply and demand. Additionally, weekly burn data showed that 44.03 million tokens were removed from circulation, further fueling bullish sentiment in the market.
Positive Ecosystem Developments Support Bullish Sentiment
In addition to the burning activity, Shiba Inu’s ecosystem developments are driving optimism. Recently, lead developer Shytoshi Kusama confirmed the highly anticipated launch of the TREAT token, which is expected to bolster the Shiba Inu ecosystem. These ongoing advancements have helped maintain a bullish outlook for the token, with many market participants eyeing SHIB for potential gains in 2025.
Could SHIB Hit $0.001 This Month?
As of today, SHIB’s price has increased by 2%, sitting at $0.00002264. The token’s 24-hour price range was between $0.00002198 and $0.00002294, demonstrating a positive intraday movement. The upward price trajectory aligns with the recent surge in the burn rate, prompting analysts to speculate that SHIB could reach a $0.001 price target this month.
A key hurdle for SHIB’s price lies in breaking through the critical resistance level of $0.000025. However, with continued burn activity, ecosystem growth, and increasing adoption of Shibarium, experts predict a bullish outlook for SHIB in the coming months, setting the stage for further price gains in 2025.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Massive Shiba Inu (SHIB) Transfer Sparks Speculation: What’s Behind the $65.7M Move?
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