The famous dog-themed meme Shiba Inu caught the market's attention on Friday, witnessing a significant rise in the SHIB burn rate. Notably, the daily burn statistics indicate that this figure has reached 1500%, primarily in the context of over 30 million tokens being burned. Consequently, cryptocurrency market participants are now speculating whether Shiba Inu's price will reach the $0.001 target this month.
SHIB burn rate soars 1500%, echoing market optimism. According to a recent post on X by the community official tracking agency Shibburn, the SHIB burn rate has increased by 1550%, highlighting the substantial impact on the circulating supply. According to shared data, 33.01 million coins were burned in the last 24 hours, contributing to the burn rate increase. In context, the Shiba Inu token burn mechanism primarily focuses on permanently reducing the circulating supply of the asset. Therefore, market participants anticipate that the future trend of the leading meme coin will be positively influenced, aligning with supply and demand dynamics. Meanwhile, weekly burn statistics show that 44.03 million tokens have been removed from supply, increasing market optimism for the asset. Moreover, recent ecosystem developments further help the leading dog-themed meme coin maintain a bullish stance across the market.
CoinGape reports that the chief developer of the cryptocurrency, Yayoi Kusama, has recently confirmed the launch of the TREAT token. This chronicle is expected to provide substantial support for the broader ecosystem, with the market still awaiting it. Meanwhile, Shiba Inu's price is also under broad scrutiny from market observers, with a significant increase expected in 2025, mainly following community advancements and the continuous burning of SHIB.
Will the price reach $0.001 this month?
SHIB price rose 2% during the day today, currently closing at $0.00002264. The meme coin's 24-hour low and high were $0.00002198 and $0.00002294, respectively. Notably, as mentioned above, the upward trajectory of the price coincides with a significant surge in the SHIB burn rate. Additionally, CoinGape's recent price analysis of Shiba Inu further rationalizes the upcoming token target price of $0.001 this month. Breaking through the critical resistance level of $0.000025 remains key for the cryptocurrency. Furthermore, the broader ecosystem development and the increasing popularity of Shibarium further drive the coin's bullish sentiment. With supply continuing to decrease during this period, the price target of $0.001 seems subject to adjustment ahead of time, as market experts also expect the bull market cycle to continue into 2025.