Nov 30, 2024
6thTrade
Shiba Inu (SHIB) has captured the spotlight once again as its weekly burn rate skyrocketed by an astounding 7,400%, driven by the destruction of nearly 2 billion tokens. Enthusiasts are now speculating whether the meme-inspired cryptocurrency can achieve the $0.0004 price milestone, bolstered by a positive market outlook for the fourth quarter.
Record SHIB Burn Rate
Data from Shibburn, an official tracking platform on X (formerly Twitter), revealed a massive 7,418% increase in SHIB’s burn rate as of Saturday, November 30.
Approximately 1.93 billion SHIB tokens were permanently removed from circ ulation, reducing the total market supply to 589.26 trillion tokens. The burn process transfers SHIB to an inaccessible "null address," making them irretrievable and reducing supply, potentially driving price appreciation based on supply-demand dynamics.
Key Contributions to the Burn Surge
Shiba Inu executive Kaaldhairya played a significant role in the latest burn activity. Sharing updates on X, Kaal disclosed that semi-automatic burns have destroyed over 300 million tokens to date, with a personal contribution of 80 million SHIB during the latest burn event.
Kaal also highlighted progress within the Shiba Inu ecosystem, including the completion of maintenance on Shibarium, its blockchain network, and upgrades to burn contracts. These developments have amplified discussions about SHIB's future price trajectory.
SHIB Price Performance and Outlook
At the time of the report, SHIB was trading at $0.00002593, with an intraday range of $0.00002551 to $0.00002633, reflecting a slight 0.06% dip. However, the token has experienced a significant 39% increase over the past month, buoyed by the surge in burn activity and ecosystem advancements.
Analysts suggest SHIB could surpass the $0.00003 resistance level if the current momentum persists, paving the way for a potential climb toward $0.0004. Achieving a $1 price point, however, remains unrealistic in the near term.
Whale Activity Bolsters Confidence
Adding to the bullish sentiment, notable whale activity has been observed, with large-scale acquisitions of SHIB reported in recent weeks. This accumulation by prominent investors reflects growing confidence in the meme coin's potential upside.
Community and Ecosystem Developments
SHIB’s surging burn rate, coupled with advancements in its blockchain ecosystem and strong community engagement, signals a potentially bright future for the token. Market participants are closely monitoring these developments, hopeful that the strategic burns and ecosystem improvements will drive SHIB closer to its ambitious price targets.
