In the past week, the burn rate of Shiba Inu (SHIB) rose sharply by 7,400%, with nearly 2 billion tokens permanently destroyed. This volume of destruction set a new record, reducing SHIB's market supply to 589.26 trillion. The implementation of the burn mechanism has intensified supply compression, potentially driving prices higher. Although SHIB's price has slightly decreased to $0.00002593, the market remains optimistic about SHIB's future due to the development of the ecosystem and the impact of whale investments, with a target of $0.0004 in sight.
In the past week, the SHIB burn rate skyrocketed by 7,400%, destroying nearly 2 billion tokens. Did the Shiba Inu price rise by $0.0004?
SHIB destruction hits an all-time high SHIB Price Outlook
Shiba Inu (SHIB) has once again caught the attention of market observers, with its weekly burn rate soaring by 7,400% following the destruction of nearly 2 billion SHIB tokens.
With an optimistic market outlook for the fourth quarter, fans are now focusing on the possibility of the Meme token reaching the $0.0004 mark.
SHIB destruction volume hit an all-time high
According to data from X (formerly Twitter) official tracking platform Shibburn, SHIB's weekly burn rate surged by 7,418% on Saturday, November 30.
Approximately 1.93 billion tokens have been permanently removed from circulation, reducing the total supply of dog-themed crypto to 589.26 trillion tokens.
The destruction mechanism transfers SHIB tokens to inaccessible 'burn addresses', making them unrecoverable. This method reduces the circulating supply of tokens, aligning with the principles of supply and demand, potentially driving prices up.
Shiba Inu executive Kaaldhairya made a significant contribution to this burn rate. Kaal recently stated in a post on X that semi-automatic destruction has been implemented for several months, with a total of over 300 million tokens destroyed so far.
Kaal added, 'Just a few minutes ago, I destroyed over 80 million SHIB and enjoyed the final cool animation,' boosting confidence in the long-term potential of the project and dispelling misunderstandings about the automatic destruction mechanism.
Additionally, Kaal announced the completion of maintenance on the blockchain network Shibarium for the ecosystem, noting that its bridge is now fully operational.
He also revealed ongoing work on the destruction contract upgrade, sparking further discussion about SHIB's future price trajectory.
SHIB Price Outlook
As of this report, SHIB's trading price is $0.00002593, slightly down by 0.06%. The token's intraday low and high were $0.00002551 and $0.00002633, respectively.
Despite a slight decline, the token has significantly grown by 39% over the past month, driven by a substantial increase in destruction and ecosystem development.
Analysis indicates that SHIB is expected to achieve potential gains, but it is unlikely to reach the $1 price point this year. If the token maintains its monthly momentum, it could break through the resistance level of $0.00003, potentially laying the groundwork for a target of $0.0004.
Reportedly, 'whales' are making large-scale acquisitions of SHIB, intensifying bullish sentiment. Media highlighted a notable whale continuing to accumulate SHIB, reflecting a broader optimism about recent Meme coin price trends.
Market participants remain focused on further developments, especially as SHIB's destruction mechanism and community progress signal a potential for a stronger outlook.
