The famous dog-themed meme Shiba Inu caught the market's attention on Friday, witnessing a significant rise in the SHIB burn rate. Notably, daily burn statistics show this figure has reached 1500%, primarily in the context of over 30 million tokens being burned. As a result, cryptocurrency market participants are now speculating whether the price of Shiba Inu will reach the target of $0.001 this month.
SHIB burn rate surges by 1500%, echoing market optimism According to a recent post on X by the community's official tracking agency, Shibburn, the SHIB burn rate has risen by 1550%, highlighting a significant impact on the circulating supply. According to shared data, 33.01 million coins were burned in the last 24 hours, contributing to the increase in burn rate. In context, the Shiba Inu token burn mechanism primarily focuses on permanently reducing the circulating supply of the asset. Therefore, market participants expect the future trend of the top meme coin to be bullish, in line with supply and demand principles. Meanwhile, weekly burn statistics show that 44.03 million tokens have been removed from supply, increasing market optimism toward the asset. Additionally, recent ecosystem developments have further helped the leading dog-themed meme coin maintain a bullish position 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, and the market is still waiting. Meanwhile, Shiba Inu's price is also under significant attention from market observers, with expectations of a considerable increase in 2025, primarily following community advancements and the ongoing burning of SHIB.
Will the price reach $0.001 this month?
SHIB price rose by 2% during the day today and is currently at $0.00002264. The 24-hour low and high for the meme coin are $0.00002198 and $0.00002294, respectively. Notably, as mentioned above, the price increase trajectory aligns with a significant surge in the SHIB burn rate. Additionally, CoinGape's recent price analysis for Shiba Inu further rationalizes the upcoming target price of $0.001 for this month. Breaking through the critical resistance level of $0.000025 remains key for the cryptocurrency. Furthermore, the broader ecosystem development and the growing popularity of Shibarium further drive the coin's bullish outlook. As the supply continues to decrease during this period, the price target of $0.001 seems to be subject to adjustment, as market experts also anticipate that the bull market cycle will continue into 2025.