On Friday, the well-known dog-themed meme token Shiba Inu attracted widespread market attention as the SHIB burn rate soared. Notably, intraday burn statistics show that the SHIB burn rate skyrocketed by 1500%, primarily in the context of over 30 million tokens being burned. As such, cryptocurrency market participants are now speculating whether the price of Shiba Inu will reach the target of $0.001 this month.
The SHIB burn rate skyrocketed by 1500%, reflecting the market's optimistic sentiment.
According to the community's official tracker Shibburn's recent X post, the SHIB burn rate has surged by 1550%, highlighting the significant impact on circulating supply. According to shared data, 33.01 million tokens were burned in the last 24 hours, fueling the rise in the burn rate.
In context, the Shiba Inu token's burn mechanism primarily focuses on permanently reducing the circulating supply of the asset. Therefore, market participants expect this to have a positive impact on the future price trends of the top meme tokens, in line with supply-demand principles.
Meanwhile, weekly burn statistics show that 44.03 million tokens were burned, increasing market optimism for the asset. Additionally, recent ecosystem developments have further helped the leading dog-themed meme token maintain its bullish stance across the market.
CoinGape reports that the chief developer of the cryptocurrency, Shytoshi Kusama, recently confirmed the launch of the TREAT token. This token is expected to provide strong support for the broader ecosystem, and the market remains highly optimistic about it. Meanwhile, market observers are closely watching the price of Shiba Inu, predicting a significant increase in its price by 2025, mainly due to community developments and the ongoing burn of SHIB.
Will the price reach $0.001 this month?
The price of SHIB rose 2% today, currently at $0.00002264. The meme coin's 24-hour low and high prices were $0.00002198 and $0.00002294, respectively. Notably, as mentioned above, the trajectory of the price increase aligns with the significant surge in the SHIB burn rate.
Additionally, CoinGape recently analyzed the price of Shiba Inu, further rationalizing the target price of $0.001 for the token this month. Breaking through the key resistance level of $0.000025 remains crucial for the cryptocurrency. Furthermore, broader ecosystem developments and the growing popularity of Shibarium have further reinforced the token's bullish inclination. As the supply continues to decrease during this period, the target price of $0.001 seems plausible to expand in the future, as market experts also expect the bull market cycle to continue into 2025.