Shiba Inu Burn: 3 Billion SHIB Tokens Burned This Week

Bittime - Shiba Inu (SHIB) has again stolen the attention of investors with a significant token burn. In the past week, more than 3 billion SHIB tokens were burned.

This certainly brings a breath of fresh air for investors who hope that the price of SHIB will skyrocket. This token burn has sparked renewed optimism in the market, with many predicting a major rally in the near future. 

So, what does this mean for the future of Shiba Inu, and will the SHIB price continue to soar? Read the explanation.

Shiba Inu Records Burning of 3 Billion Tokens This Week

According to the latest data from Shibburn, the official Shiba Inu community tracking platform, over the last week around 2.83 billion SHIB tokens were burned. This large burn increases the weekly burn rate by up to 60%. 

This is a significant spike that shows how active the community is in reducing the total amount of SHIB supply in circulation.

Not only that, intraday burn data also recorded an extraordinary spike, with the burn rate soaring by 400%. This comes after 267.14 million tokens were destroyed within a day. 

One factor that has contributed to this surge is projects 1 CENT DREAM, which recently burned 250 million SHIB tokens, matching the trend of increasing daily burns.

As a result of this massive burn, the circulating supply of SHIB has now reduced to 589.25 trillion tokens. 

The basic economic concepts that apply in the crypto market make this reduced supply trigger optimistic sentiment, because the fewer tokens available, the greater the potential for price increases.

Read also: Shiba Inu Token Burn Update: Will 99% of SHIB Tokens Be Deleted?

Impact of Token Burning on Shiba Inu Market Sentiment

Burning SHIB tokens does not just reduce the number of coins in circulation. However, this activity also serves as a catalyst that pushes market sentiment in a more positive direction. 

Investors in the crypto market, especially SHIB holders, are now increasingly optimistic about the potential for long-term price increases. On the other hand, other developments also strengthen this optimism.

TREAT Token Coming Soon

Shytoshi Kusama, the lead developer of Shiba Inu, recently revealed that the token launch TREAT the much awaited one is about to happen. 

This announcement has attracted the attention of many investors. They hope that the launch of this new token will be a new driver for the SHIB price. 

With this update and development plan, the Shiba Inu community increasingly feels confident that the future of this token is bright, and the price of SHIB can skyrocket to even higher levels.

Read also: Shiba Inu Burn: SHIB Token Burn Update

Will SHIB Price Surge Higher?

Shiba Inu price is undergoing a correction, with a decline of around 5% in the latest intraday trading. At the time of writing, SHIB price was at $0.00003103, with a daily price range between $$0.00003073 and $0.00003329. 

Despite this, the long-term price chart shows a positive trend, with an increase of 4% in the week and 66% in the last month.

According to the latest price analysis published from CoinGape, SHIB could even potentially reach an all-time high price (ATH) in 2025. This prediction is driven by continued token burns, community project progress, and bullish price patterns evident in market data. 

If this positive trend continues, it is possible that the SHIB price will reach higher levels in the near future, which of course will attract more investors to join the market.

Read also: Shiba Inu (SHIB) Price Prediction, Technical Analysis Shows Bullish Signal?

FAQ About Shiba Inu

Will Shiba Inu coins be worth anything?

In 2025, Shiba Inu (SHIB) is expected to experience significant fluctuations with a predicted low of $.0000234 and a high of $.0000899. 2025 will bring volatility and many entry opportunities.

How much is the Shiba Inu token worth?

The current price of SHIBA INU is $0.000031 per SHIB.

Should I keep my Shiba Inu coins?

Investing in Shiba Inu carries high risks due to its volatile and speculative characteristics. It's important to do your research and understand your risk tolerance.

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Reference 

CoinGape, Shiba Inu Sees 3B Token Burn This Week, What’s Next For SHIB?, diakses pada 9 Desember 2024.

Shiba Burn, web https://www.shibburn.com/, accessed December 9, 2024.

Author: Y