Shiba Inu (SHIB) continues to draw the attention of the crypto world with its recent massive token burn. In the last 24 hours alone, 33 million SHIBs have been removed from circulation, leading to a 1,550% increase in the altcoin’s token burn rate. This development has been met with enthusiasm by the Shiba Inu community, with excitement also increasing over the possibility of SHIB reaching its $0.001 target this month.
According to Shibburn data, Shiba Inu’s token burn rate has seen a major increase recently. In the last 24 hours, 33 million SHIB were burned, significantly reducing the circulating supply. Weekly data shows that a total of 44 million SHIB were removed from the market. This supply reduction positively affects the demand balance, increasing the potential for SHIB to gain value.
The Shiba Inu ecosystem continues to expand with constant innovations. Famous developer Shytoshi Kusama announced that a new token called TREAT will soon be released. The introduction of TREAT is considered an important step that will allow the Shiba Inu ecosystem to reach a wider user base and increase its adoption.
Currently, SHIB is trading at $0.00002264, up 2% in the last 24 hours. The price fluctuates between a low of $0.00002198 and a high of $0.00002294, while the $0.000025 level stands out as a significant resistance point. Experts say that if this level is exceeded, SHIB could approach the $0.001 target.
In addition, the increasing adoption of the Layer 2 solution Shibarium and other developments in the ecosystem are further increasing the interest in Shiba Inu. With the expected bull market in 2025, SHIB is expected to experience a significant increase in price. Market participants continue to closely monitor the increase in Shiba Inu’s token burn rate and innovations in the ecosystem.