Shiba Inu: The destruction rate surges by 4200%, will SHIB delete a zero now?

Shiba Inu (SHIB) has seen a significant increase in its destruction rate. According to data from Shibburn, 86,015,940 (86 million) SHIB tokens were burned in the past 24 hours, increasing the burning rate by 4200.80%. One transaction in particular destroyed most of the tokens, sending more than 85 million SHIB to a “death wallet.”

However, despite the surge in burn rate, the price of Shiba Inu (SHIB) continues to struggle. The popular meme coin faced a 2.5% correction on the daily chart and fell 3.6% on the weekly chart. Furthermore, the price of SHIB has fallen by more than 27% since February 2023.

Nonetheless, the asset is up 4.2% on the 14-day chart and 4.8% over the last month.

SHIB has been working to remove a zero it obtained last December. The price resistance level at $0.00001 proved to be a difficult price point to overcome.

Will Shiba Inu (SHIB) drop a zero in the near future?

According to CoinCodex, SHIB is likely to drop a zero by February 28, 2024, reaching a price of $0.00001025, an increase of approximately 8.4% from current levels. However, the platform does not expect the price of SHIB to hold and is expected to fall below $0.000009 by March 1, 2024.

On the other hand, Changelly expects Shiba Inu (SHIB) to delete a zero this week, reaching a price of $0.00001006 by February 24, 2024, which would represent a rise of approximately 6.3% from current levels. However, Changelly also predicts that SHIB’s price will fall below $0.000009 by March 1, 2024. The platform expects the popular dog-themed cryptocurrency to reach a peak price of $0.0000159984 this year.

However, we may see a rise in Shiba Inu (SHIB) in the second quarter of this year, driven by the Bitcoin (BTC) halving and the possible emergence of a spot Ethereum (ETH) ETF (exchange-traded fund).

#SHIB #Write2Earn #Shibarmy #PriceProjections #ShibaInuEcosystem