Shiba Inu Coin (SHIB), also known as Shitcoin, has another name, Er Gou 🐶, and is quite popular among many cryptocurrency enthusiasts!
Many friends around me have achieved financial freedom by buying a large amount of SHIB at a very low price in the early stages!
Latest news: SHIB's burn rate skyrocketed by 6200%
Where can SHIB's price go in the future?
On Monday, the Shiba Inu burn rate surged by 6200%, triggering optimistic sentiment among global investors. SHIB's price soared significantly during the trading session, further fueling market optimism for future movements amidst the rising burn rate.
The surge in Shiba Inu burn rate by 6200% triggered bullish market sentiment.
According to the tracker Shibburn, the latest data provided on November 18 shows that the Shiba Inu burn rate increased by 6223% in the past day. According to the data, 290,321 tokens were burned that day. This large-scale token burn led to the aforementioned surge, drawing attention to cryptocurrencies during the bull market, especially as investors turned their attention to top meme tokens.
Meanwhile, at the time of reporting, the total supply of the token is estimated to be 589.26 trillion tokens, and the aforementioned surge in burns further exacerbated this situation. Additionally, it is worth mentioning that the supply of this meme token has decreased by 135 million SHIB in the past week. Overall, as the supply faced a significant hit, market sentiment towards the token's price turned bullish, reflecting the laws of supply and demand.
Is it possible for SHIB's price to reach $1?
SHIB's price increased by 4% during trading, with the current trading price at $0.00002511. The 24-hour low and high prices for this meme coin were $0.00002403 and $0.00002563, respectively. Notably, the upward trend aligns with the aforementioned surge in Shiba Inu's burn rate.
At the same time, Coinglass data shows that SHIB futures open interest increased by 6% to $93 million. This data highlights the growing interest of investors in this asset, paving the way for a bullish outlook for future trends.
Moreover, CoinGape Media's recent analysis of Shiba Inu's price indicates that the token shows potential for further increases, although the target price of $1 remains very optimistic. Market watchers continue to keep an eye on further price movements of this token in the bull market following the U.S. elections.
