The famous dog-themed Shiba Inu cryptocurrency has once again sparked bullish sentiments among traders and investors across the world, mainly with its token burn saga. On Saturday, weekly burn data showed that nearly 3 billion coins had been removed from the circulating supply. In turn, market sentiments around the meme coin have become very bullish, with traders eyeing an ATH soon after.
Shiba Inu records 3 billion tokens burned this week
According to an X post from the official Shibburn tracker, the Shiba Inu community has seen 2.83 billion pieces incinerated in the last seven days. Notably, the massive token destruction resulted in a 60% increase in weekly burn rate.
Meanwhile, intraday burning data showed a 400% increase on the back of 267.14 million tokens burned, Shibburn data showed. Notably, CoinGape reported on 1 The CENT DREAM project burned down 250 million coins recently, which matches the intraday rise. Due to these burning columns, the total supply has taken a hit, reaching 589.250 billion SHIB to date. The substantial reduction in supply echoes the market’s optimism for the same coin, respecting the law of supply and demand.
Simultaneously, other community advancements have brought additional optimism to the token. CoinGape reported that the token’s lead developer, Shytoshi Kusama, hinted that the TREAT Token Launch is coming soon. This much-touted impending initiative has further ignited investor enthusiasm around the Ethereum-based token.
SHIB Price Eyes Massive Rally Ahead?
At the time of reporting, SHIB price jumped 5% during the day and stood at $0.00003156. Its 24-hour low and high were $0.00002955 and $0.00003186, respectively. Interestingly, the broader charts reinforced investors’ bullishness, with weekly and monthly gains totaling 16% and 68%, respectively. Overall, this bullish momentum is part of the community’s token burning efforts.
Also, a recent Shiba Inu Price Analysis by CoinGape reported that the meme coin is targeting an ATH by 2025. This bullish anticipation comes against the backdrop of continued SHIB burns, community progress, and bullish price patterns. In light of this bullish market momentum, crypto market enthusiasts are keenly eyeing the token for further upward moves.
Quince stick
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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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