In a bid to boost market sentiment, the Shiba Inu coin community appears to be gearing up for a staggering 250 million token burn. On Friday, a renowned trader in the SHIB community revealed that the 1 CENT DREAM project is striving to achieve the aforementioned goal. Simultaneously, traders and investors in the crypto market are eyeing huge gains in the price of the dog-themed cryptocurrency between now and Christmas.
Shiba Inu Coin Community Plans to Burn 250 Million Tokens Through 1 CENT DREAM Project
In a post Knight SHIB As of December 6, the crypto trader informed that the Shiba Inu coin community is preparing to burn 250 million tokens today. Notably, this token burning must be carried out by the 1 CENT DREAM project.
For context, the dog-themed crypto meme The burning mechanism reduces the circulating supply of the token, thereby strengthening market dynamics. It is also worth noting that CoinGape Media previously reported that the meme coin had already witnessed massive burns at SHIBadding to the optimism surrounding future price movements. Notably, the bullish projections are mainly attributed to the law of supply and demand, reflecting the fact that price increases remain imminent with the reduction in supply.
Simultaneously, a series of other events have opened a bullish path for the crypto, indicating strong gains between now and Christmas.
SHIB price at $0.00005 by end of year?
Despite the optimistic news, SHIB price rose almost 6% during the day and reached $0.00002996. Its 24-hour low and high were $0.00002991 and $0.00003243, respectively. Nonetheless, the token’s weekly and monthly charts showed gains worth 19% and 58%, respectively. The broader momentum indicates a continued bull run for the meme coin amid a broader crypto bull market in the fourth quarter.
Simultaneously, a recent Shiba Inu Price Analysis by CoinGape Media reported that a price target of $0.00005458 for the meme coin is looming between now and December 31. This bullish anticipation comes against the backdrop of very optimistic technical market parameters, including a bullish Relative Strength Index (RSI) and MACD. Market observers continue to monitor the coin for further gains in light of the market dynamics mentioned above.
Furthermore, the imminence launch of the TREAT tokena groundbreaking move for Shibarium, added to market optimism regarding the future of the dog-themed meme coin. The crypto’s lead developer, Shytoshi Kusama, highlighted the previous month that the launch of the TREAT token was imminent. If the new token were launched at the end of the year, the Shiba Inu coin could see significant new upward momentum.
Kusama also implied that Launch of the SHIFU coin looms soon, adding a layer of intrigue to future price movements. Notably, SHIFU is a coin supported by SHIB developers. Crypto market participants continue to monitor the Ethereum-based meme token for further price changes amid the latest ecosystem developments.
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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