Shiba Inu Burn Rate Soars 7,400% as CEO Burns 80 Million Coins, Will Shiba Inu Price Reach $0.0004?

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The Shiba Inu burn rate has surged by 7,400% over the past week as nearly 2 billion coins have been destroyed. Will Shiba Inu Price Reach $0.0004 in the Future?

Meanwhile, the growing accumulation of Shiba Inu whales has added to the market’s optimism surrounding the coin’s future price action. CoinGape Media reports that a large whale has continued to scoop up the coin amid a bull market.

Market watchers are once again keeping an optimistic eye on the Shiba Inu price, primarily due to the latest Shiba Inu burn data. Notably, Saturday’s burn statistics indicated a massive 7,400% spike in the cryptocurrency’s weekly burn rate, with nearly 2 billion coins destroyed. In contrast, crypto enthusiasts are eyeing a potential $0.0004 target for the popular dog-themed meme coin as they await a bull market in Q4.

SHIB burn rate surges 7,400% weekly as Kaaldhairya burns 80 million coins

According to the official Shibburn tracker on X, SHIB’s weekly burn rate surged 7,418% on Saturday, November 30. This massive surge comes on the back of 1.93 billion coins being removed from the meme token’s market supply. Notably, with the massive burn surge, the total supply of the meme coin was valued at 589.26 trillion tokens at the time of reporting.

What’s next for SHIB price?

At the time of reporting, SHIB price was trading at $0.00002593, down slightly by 0.06%. Its intraday low and high were $0.00002551 and $0.00002633, respectively.

Meanwhile, a Shiba Inu price analysis by CoinGape Media reveals that the token is looking for potential gains ahead, although the chances of hitting the $1 target this year are still slim. Besides, if the coin maintains its monthly bullish momentum, it could break the $0.00003 resistance. This bullish momentum could pave the way for a $0.0004 price target in turn.

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