Shiba Inu Burn Rate Spikes 3000%: When Will SHIB Realize Its True Penny Dream?

Shiba Inu’s recent burn rate statistics indicate an upcoming bullish trend as the portal has destroyed nearly 7,912,388 SHIB tokens.

According to the Shiba Inu Burn Rate Data Portal, the platform reports that it has destroyed nearly 2,835% of Shib tokens. The portal has wiped nearly 7,912,388 tokens from circulation to keep Shiba Inu’s price in sync with market equilibrium.

Community burns are key to the token’s growth prospects. SHIB is currently in a massive correction phase as Bitcoin price falls back to earlier levels of $68,000.

The reason for the market’s current bearish stance can also be attributed to the Fed’s hawkish interest rate direction. The recent Fed meeting indicated the current strict inflation stance, which in turn could be a long-term positive for the cryptocurrency industry.

Will SHIB reach its $0.00003 price target this June?

Despite several price fluctuations, SHIB is expected to see a strong rebound this month and deserves investors' attention. According to CoinCodex, SHIB may surge nearly 200% and hit a new high of $0.00007110 in trading price.

“Shiba Inu’s price is expected to rise by 228.44% to $0.00007110 by July 14, 2024. Current sentiment is bearish according to our technical indicators, while the Fear & Greed Index shows a reading of 74 (Greed). Shiba Inu has recorded 12/30 (40%) green days in the past 30 days, with a price volatility of 5.21%.

When will SHIB achieve its true penny dream?

Shiba Inu enthusiasts have long hoped that the token will eventually rise to the $0.1 price mark. This move is intended to stimulate the token to reach the $0.1 price level.

According to CC, at Shiba Inu’s current price velocity, the token could reach the $0.1 price level by 2049. For SHIB to soar to $0.1, the token would need to surge by nearly 45,000% to obtain its most coveted and ambitious price point.

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