- Shiba Inu has generated bullish sentiments among traders and investors due to its ongoing token burn initiative, which recently saw nearly 3 billion coins removed from circulation.
- The price of SHIB has risen by 5% within the day, reaching $0.00003127.
According to an X post by the official tracker Shibburn, the cryptocurrency market is buzzing with activity, particularly surrounding Shiba Inu (SHIB), which recently witnessed an impressive token burn valued at around $3 billion. This significant event has ignited discussions among investors and enthusiasts, prompting inquiries into its potential implications for SHIB’s future.
Furthermore, it was disclosed via X that the 1 CENT DREAM project recently burned 250 million coins. Consequently, the total supply has decreased to 589.25 trillion SHIB, ultimately boosting market optimism for the dog-themed meme coin.
250,000,000 $SHIB -> transferred to dead wallet. https://t.co/IR46aFrGvV
— Shibburn (@shibburn) December 6, 2024
Notably, Shiba Inu’s burning mechanism decreases the token’s circulating supply, which enhances market dynamics. The meme coin has already experienced significant SHIB burns, contributing to optimism regarding future price movements. Importantly, these positive forecasts are mainly linked to the law of supply and demand, suggesting that price increases are likely as supply continues to diminish.
As we stated in a previous report, the impending launch of the TREAT token, a key feature for Shibarium, has also generated considerable market optimism for Shiba Inu. Shytoshi Kusama, the lead developer, recently indicated that the TREAT token could be released by the end of the year, potentially driving significant upward momentum for the coin. In addition to TREAT, Kusama hinted at the imminent launch of the SHIFU coin, which is backed by SHIB developers. This addition further heightens interest in possible price shifts.
Potential Price Rally for SHIB
Currently, SHIB is priced at $0.00003127, showing a minor decrease of 0.29% in the last hour but a gain of 4.95% over the day. Its market cap is around $17.75 billion, reflecting a 2.54% increase. The coin’s trading range over the last 24 hours has been between $0.00002955 and $0.00003186, reflecting its volatility.
Encouragingly, a broader analysis shows that SHIB has recorded weekly and monthly gains of 16% and 68%, respectively, reinforcing the bullish momentum associated with the community’s ongoing token-burning efforts. Data from CoinCodex suggests that Shiba Inu is expected to trade within a range of $0.00002905 to $0.00006045 by year-end. If the average price for December turns out to be $0.00003791, investors could stand to gain a profit of 102.56%. However, it’s clear that the meme coin still has a long way to go before reaching the sought-after 1-cent milestone.
