Over 2.6 million Shiba Inu tokens (SHIB) have been burned in the past 24 hours to reduce the coin’s circulating supply, increasing by 65,529.67%. Shiba Inu holders and crypto researchers are concerned about this sudden increase in burn rate, as burn events often cause price speculation.
Shiba Inu Burn Rate Increases Recently Recent burn transactions have sent millions of SHIB tokens to designated “dead wallets,” as reported by Shibburn. This suggests that the supply reduction is accelerating, boosting the long-term price outlook for SHIB.
Just two hours ago, the address "0x608..." burned 344,431 SHIB tokens. Another wallet burned 1.5 million SHIB tokens 15 hours ago.
This chain of transactions removed tokens from circulation to increase the scarcity of SHIB, a popular cryptocurrency technique to increase demand. Burning a large amount of tokens is reducing the supply of SHIB. 410.73 quadrillion SHIB tokens were burned, a positive event.
Can SHIB Price Reach $0.0001?
A short-term decline has plagued the Shiba Inu price despite these efforts. As of Friday, October 25, SHIB is trading at $0.00001733, down 2.74% and over 9% for the week.
SHIB has gained 12% in the last month, and experts are cautiously hopeful. They believe that SHIB could recover if it reclaims $0.00001850, which could lead to additional growth.
Shiba Inu could hit a key resistance zone between $0.000020 and $0.000021 if it continues its upward momentum, analysts said. SHIB could hit $0.00003 if it breaks this level.
Some estimate that the meme coin could reach $0.00005 if market conditions are favorable. Analysts believe that sustained strong sentiment could push the SHIB price beyond $0.0001.
As the Shiba Inu price tracks speculative interest and developments in the cryptocurrency market, volatility remains a risk. The recent increase in burn rates has raised concerns about the token's long-term scarcity, which could increase its appeal as a high-risk, high-return asset.
