Shiba Inu, one of the most popular meme coins, has burned 57.2 million tokens, according to data from Shibburn.com. Can it bump the $SHIB
price?
While the data from Shibburn represents a further step in the token’s deflationary process, the total value of the burned tokens is only around $1258 in today’s prices. In comparison to Shiba Inu’s massive market capitalization of approximately $12.9 billion, the impact will be minimal. Token burning is a strategy for reducing a cryptocurrency’s overall supply, hence enhancing its scarcity and value. However, the small-scale burn indicates that its immediate impact on Shiba Inu’s price trajectory is limited. Nonetheless, there is more to the story
The Shiba Inu’s Community and Ecosystem Fuel Optimism
Shiba Inu has evolved as a speculative asset, attracting great interest due to its vast and active community. This participation has been critical to its survival in the volatile field of meme currency.
The coin has maintained relative stability, recently trading at just above $0.000028 and holding its position near the 21-day moving average (DMA). Positive sentiment remains high, bolstered by a bounce from the 50DMA in December suggesting that bullish momentum could persist.
Some of this optimism can be credited to broader developments in the United States, where the incoming Trump administration and Congress are likely to support cryptocurrency. This might bring regulatory certainty, benefiting the entire cryptocurrency industry, including meme coins like Shiba Inu.
Analysis of moving average data from Trading View on the one month timeframe also positions #SHIB as a strong ‘buy’.
Overall sentiment around SHIB is also high according to analysis on CoinMarketCap – with 89% of surveyed users bullish on the token, mostly driven by SHIB’s continuing burns and the likely introduction of new projects in 2025.
For example, lead developer Shytoshi Kusama has confirmed the forthcoming TREAT token and the launch of “SHIB: The Metaverse.” These initiatives are boosting SHIB’s market profile and community engagement.