Shiba Inu (SHIB) enthusiasts are eagerly anticipating the meme coin’s potential to reach the $0.01 mark, with recent developments fueling optimism. Notably, the impressive 1.1 billion SHIB tokens burned in January, combined with ongoing advancements within the Shiba Inu ecosystem, has market watchers feeling bullish. However, SHIB faces critical resistance at $0.00002, a key level preventing further upward momentum in its price.
Optimism Fuels Shiba Inu Price Amid Token Burns
The long-term outlook for Shiba Inu remains positive, largely due to the ongoing burns that continue to reduce the circulating supply of SHIB. According to Shibburn statistics, an astounding 1.16 billion tokens were burned in January alone, equating to an average of 37.52 million coins burned per day. This continuous decrease in supply strengthens the bullish sentiment surrounding Shiba Inu, as the law of supply and demand drives its value upward.
Surge in Weekly Burns Adds to Bullish Momentum
The burn activity has surged dramatically in recent weeks, with the weekly burn rate soaring by 2,104.39%. In just the past seven days, 1.13 billion SHIB tokens were burned, matching the scale of the monthly burn figures. This intensified burn rate has led to reduced token circulation, further driving excitement for SHIB’s price potential.
Can Shiba Inu Reach $0.01?
At the time of writing, Shiba Inu is trading at $0.00001875, having faced a slight dip of nearly 2%. Despite this recent downturn, the price has encountered resistance at the $0.00002 level, a critical hurdle for bulls to overcome. Notably, SHIB briefly surpassed this resistance point in mid-January but has since dropped 18% month-over-month.
Also Read: Shiba Inu (SHIB) Eyes Another Strong February, Will 2025 Continue the 20.3% Average Gain?
While the $0.01 price target remains a distant goal, analysts believe that the sustained token burns could ultimately push SHIB past its current resistance level. If the burn rate continues, the meme coin could be on track for significant price gains, offering substantial returns for investors. For now, the SHIB community remains hopeful, with a strong belief that its long-term prospects remain promising.
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.
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