Market observers are once again viewing the Shiba Inu price with optimism, mainly due to the latest SHIB burn data. Notably, Saturday’s burn stats indicated a whopping 7,400% increase in the crypto’s weekly burn rate, as around 2 billion coins were destroyed. In turn, crypto enthusiasts are eyeing a potential target of $0.0004 for the popular dog-themed meme coin, in a Q4 bull market.
SHIB Burn surges 7,400% weekly as Kaaldhairya burns 80 million coins
According to the official Shibburn tracker on This colossal rise comes against the backdrop of 1.93 billion coins being removed from the meme token’s market supply. In particular, with the massive increase in burns, the dog themed coinThe total supply at the time of writing was valued at 589.26 trillion tokens.
For context, the meme coin’s token burning mechanism helps reduce excess supply of the asset in the market by moving it to a zero address. These tokens can never be recovered, dealing a considerable blow to the crypto supply. In turn, market observers anticipate an upward effect on the price of the asset, reflecting the law of supply and demand.
Oddly enough, it’s also worth mentioning that Kaaldhairya, Shiba Inu manager, appears to have contributed significantly to the above-mentioned increase in burn rate. Kaal visited X on November 30, revealing that the ecosystem’s semi/automatic burns have been running for months, burning over 300 million tokens to date. Additionally, the executive said, “I just burned over 80 million SHIB a few minutes ago and enjoyed the cool animation at the end.” While these statements increased optimism about the coin’s long-term prospects, they also dispelled any misconceptions regarding automatic burns designed to reduce excess supply.
Additionally, the same official also revealed that the recent maintenance of Shibarium has been completed and the bridge is now fully functional. This development has further strengthened the company’s leading position in the wider sector. On the other hand, Kaaldhairya also revealed that the team is “still working on upgrades for burn contracts,” sparking additional discussions on future price movements.
What lies ahead for the SHIB price?
At the time of writing, SHIB price was trading at $0.00002593, down slightly by 0.06%. Its intraday lows and highs were $0.00002551 and $0.00002633, respectively. Additionally, the coin’s monthly chart shows a 39% rise, highlighting optimism in light of the increase in SHIB burns and community progress.
Simultaneously, a Shiba Inu Price Analysis by CoinGape Media revealed that the token sees potential gains ahead, although the chances of hitting a $1 target this year remain slim. Furthermore, if the coin maintains its monthly bullish momentum, it could break the $0.00003 resistance. This bullish momentum could in turn pave the way for a price target of $0.0004.
Meanwhile, rising Shiba Inu whale hoardings added to the market’s optimism regarding the coin’s price action ahead. CoinGape Media reported that a major whale continued to claim the token amid a bull market. At the same time, crypto market participants continue to monitor the meme-themed coin for further changes in price action in light of optimistic statistics.
Quince stick
CoinGape includes an experienced team of native content writers and editors working around the clock to cover global news and present news as fact rather than opinion. CoinGape writers and journalists contributed to this article.
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.
✓ Share: