- Shiba Inu has generated bullish sentiments among traders and investors due to its ongoing token burning initiative, which recently saw nearly 3 billion coins removed from circulation.
- SHIB price increased by 5% during the day, reaching $0.00003127.
According to an X post from the official tracker Shibburn, The cryptocurrency market is booming, especially around Shiba Inu (SHIB), which recently saw an impressive token burn valued at around $3 billion. This significant event sparked discussions among investors and enthusiasts, sparking investigations into its potential implications for the future of SHIB.
Additionally, it was revealed via X that the 1 CENT DREAM project recently burned down 250 million pieces. Consequently, the total supply decreased to 589.25 trillion SHIB, ultimately boosting market optimism for the dog-themed meme coin.
🔥🔥 250,000,000 $SHIB -> transferred to a dead wallet. https://t.co/IR46aFrGvV
-Shibburn (@shibburn) December 6, 2024
Notably, the Shiba Inu burning mechanism decreases the circulating supply of the token, which improves market dynamics. The meme coin has already suffered significant SHIB burns, contributing to optimism about future price movements. Importantly, these positive forecasts are primarily related to the law of supply and demand, which suggests that price increases are likely as supply continues to decline.
As we indicated in a previous report, the impending launch of the TREAT token, a key feature of Shibarium, has also generated considerable market optimism for Shiba Inu. Shytoshi Kusama, the lead developer, recently indicated that the TREAT token could be released by the end of the year, which could lead to significant bullish momentum for the coin. In addition to TREAT, Kusama hinted at the imminent launch of SHIFU coin, backed by SHIB developers. This addition further increases interest in possible price changes.
Potential Price Rise for SHIB
Currently, SHIB is Dear at $0.00003127showing a slight decline of 0.29% over the last hour but a gain of 4.95% on the day. Its market capitalization is approximately $17.75 billion, an increase of 2.54%. The coin’s trading range over the past 24 hours has been between $0.00002955 and $0.00003186, reflecting its volatility.
Encouragingly, broader analysis shows that SHIB saw weekly and monthly gains of 16% and 68%, respectively, reinforcing the bullish momentum associated with the community’s continued efforts to burn tokens. Data from CoinCodex suggests that Shiba Inu is expected to trade in a range between $0.00002905 and $0.00006045 by the end of the year. If the average price for December turns out to be $0.00003791, investors could make a profit of 102.56%. However, it is clear that the meme coin still has a long way to go before reaching the much sought-after 1 cent milestone.