Shiba Inu (SHIB) is back in the spotlight as its burn rate balloons by an incredible 1000%. This clear drop in supply has caused excitement among investors, with many holding to the belief that the price doubling soon.
Recent data from Shibburn shows the SHIB burn rate jumped 1068% in a single day. Over 51.76 million tokens were sent to a null address, permanently removing them from circulation. Weekly burns also hit a big number, with 2.44 billion tokens destroyed.
SHIB Burn Rate Shoots Up 1000%, Shiba Inu Coin To Double SoonThe SHIB burn data pointed out a 1000% uptick as nearly 50 million tokens were burnt. Shiba Inu coin stats show price to double soon. pic.twitter.com/icv1PMiflX
— Crypto_Art (@Crypto_Art11) December 10, 2024
With supply shrinking fast, investors are feeling hopeful. The basic law of supply and demand suggests that fewer tokens in circulation could drive prices up.
Shibarium Activity Fuels Confidence
Shibarium, Shiba Inu’s layer-2 blockchain, is also hot. In just 16 months, it did over 2 million wallet addresses. This shows strong adoption and growing interest in the Shiba Inu ecosystem.
Together, the burn rate and Shibarium growth are creating a lot of excitement during this Q4 bull market.
Can SHIB Double in Price?
Despite these bullish signs, SHIB’s price has been bumpy. It dropped 15% intraday, landing at $0.00002646. However, it still gained 16% over the past week.
A report from a source points to even more potential gains. Large holders, or “whales,” own 73% of SHIB’s supply, an unrighteous amount that could begin a huge price run-up. Analysts point out that SHIB could updive 100% in the near term.
SHIB Forecast for 2024
In front, experts predict SHIB will trade between $0.00002512 and $0.00005711 in 2024, with a middle price of $0.00003565. If these predictions hold true, investors could enjoy returns of over 108%.
By this month, SHIB could seize another 30% based on current trends.
Shiba Inu’s current price, as of writing, is $0.0000271, with a 24-hour trading volume of $3.1 billion. The market cap is $15.96 billion, and SHIB has seen green days 57% of the time over the past month.
Alt text: Shiba Inu (SHIB) live price chart and market cap, Dec. 10. Source: CoinMarketcap
The Fear & Greed Index shows “Extreme Greed,” signaling positive market sentiment.
Shiba Inu’s Place in the Market
Shiba Inu remains a top player in the crypto world. It’s ranked #2 in the Ethereum tokens and meme coin categories. With a small annual deflation rate of -0.02%, SHIB’s circulating supply now stands at 589.26 trillion tokens.
Alt text: SHIB/USDT live price chart today. Source: TradingView
SHIB landed its all-time high of $0.00008819 in October 2021 and its lowest price of $0.0₁₀5637 in November 2020. Since then, it has held the fort and tested steady growth.
FAQs
1. What is the current burn rate of Shiba Inu (SHIB), and how does it affect its price?
The Shiba Inu burn rate has sprung by 1068%, with over 51.76 million tokens burned in one day. This noticeable dip in supply creates hopefulness among investors, as fewer tokens in circulation could lift up prices per supply and demand principles.
2. What role does Shibarium play in Shiba Inu’s growth?
Shibarium, Shiba Inu’s layer-2 blockchain, has landed over 2 million wallet addresses in just 16 months. This adoption shows firm interest in the SHIB ecosystem, adding to the bullish posture for the coin.
3. What is the price prediction for Shiba Inu in 2024?
Experts speculate SHIB will exchange between $0.00002512 and $0.00005711 this year, with a centred price of $0.00003565. This could mean potential returns of over 108% for investors if the predictions hold true.
The post Shiba Inu (SHIB) Price Prediction, Dec. 10: Burn Rate Jumps 1000%, Is SHIB Prepping to Balloon? appeared first on Coinfomania.
