$SHIB, the native token of Shiba Inu burn rate, has spiked, attracting attention from the crypto community. In the past week, close to 2 billion $SHIB tokens were destroyed. This marks a big 7,400% increase in the token burn rate. With this, investors are filled with fresh hopes for a price rally. Crypto analysts are beginning to speculate that SHIB could hit the $0.0004 price level in the coming months.
Massive SHIB Burn Sparks Optimism
According to Shibburn, an official burn tracker on X, $SHIB burn rate saw an unprecedented rise as 1.93 billion tokens were removed from circulation. This significant increase happened on the 30th of November, leading to reduction of the token’s market supply. Right now the $SHIB supply is around 589.26 trillion. Hence, many $SHIB investors see this as a promising step toward long-term growth.
HOURLY SHIB UPDATE$SHIB Price: $0.00002606 (1hr 1.43% ▲ | 24hr 2.75% ▲ )Market Cap: $15,320,425,456 (2.60% ▲)Total Supply: 589,260,637,458,704TOKENS BURNTPast 24Hrs: 1,482,655,214 (454.1% ▲)Past 7 Days: 1,937,125,691 (7418.81% ▲)
— Shibburn (@shibburn) November 30, 2024
A significant contributor to this burn surge was Shiba Inu ecosystem executive Kaaldhairya. In a post on X, Kaaldhairya revealed that over 300 million tokens had been burned automatically in recent months. Additionally, he personally burned 80 million $SHIB tokens, adding to the weekly total. Kaaldhairya expressed excitement about the progress, stating, “I just burned 80M+ $SHIB a few minutes ago and enjoyed the cool animation at the end.” His comments reinforced optimism about the project’s ongoing efforts to reduce supply.
Technical Upgrades Boost Confidence
Kaaldhairya also shared updates on Shibarium, the blockchain platform supporting Shiba Inu. The team has completed maintenance on the platform, ensuring its bridge is fully operational. This bridge allows users to transfer assets seamlessly, enhancing the ecosystem’s functionality and appeal.
Maintenance complete and the Shibarium bridge is now fully functional—great job team! We’re still working on upgrades for the burn contracts, which will continue over the weekend and into next week. Stay tuned for more exciting updates!
— Kaal (@kaaldhairya) November 30, 2024
In addition, Kaaldhairya mentioned ongoing work to improve $SHIB’s burn contracts. These ongoing upgrades on Shibarium are aimed at streamlining the burning process, thus making it more efficient. This announcement has ignited more speculation about possible breakthroughs and future price movements of the $SHIB token.
Analysts are beginning to speculate that these new developments around $SHIB will solidify its position in the crypto space. With a more functional ecosystem and massive burn strategy, Shiba Inu is positioning itself for huge growth.
Will SHIB Hit $0.0004?
Currently, SHIB’s price stands at $0.00002793, showing a 4.8% increase over the past 24 hours. The token’s monthly performance also solidifies its exponential growth with a 40% increase recorded. This upward momentum has led many to believe that SHIB could soon break the $0.00003 resistance level.
Adding to the optimism, $SHIB whales—large holders of the token are increasing their positions. Reports from Arkham show that major investors continue to accumulate $SHIB, betting on its long-term potential. This trend reflects growing confidence in the token’s price trajectory, especially with the burn mechanism in place.
The Path Forward
The recent developments around Shiba, alongside its ecosystem upgrades, have reignited interest in the meme coin. Also, close to 2 billion tokens burned in a week, and active community support reaffirms $SHIB growth potential. While short-term price fluctuations can’t be avoided, the long-term prospect remains bullish. Therefore, as an investor, the focus now shifts to whether these efforts will translate into the anticipated price rally.
For now, SHIB holders and market watchers remain hopeful, closely monitoring the token’s performance as it eyes its next big milestone.
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