What Will Happen With Shiba Inu After This Week’s 3B Token Burn?
More than 3 billion Shiba Inu SHIB tokens have been burned in the past week, attracting the attention of investors and raising hopes for a future rally in the meme coin.
- Every week, the Shiba Inu community records almost 3 billion token burning.
- The market became optimistic about future moves when the big burn rate rise hit the supply.
- A recent price analysis of Shiba Inus suggests that by 2025, SHIB may rise to a new all-time high.
Due mostly to its token burn story, the well-known dog-themed meme cryptocurrency Shiba Inu has once again aroused optimism among traders and investors worldwide. Nearly 3 billion coins were removed from circulation on Saturday, according to the weekly burn data. As a result, traders are aiming for an ATH soon, and market emotions surrounding the meme coin have become extremely positive.
This week, Shiba Inu records that 3B tokens were burned.
In the last seven days, 2.83 billion coins were burned in the Shiba Inu community, according to an X post by the official tracker Shibburn. Notably, the weekly burn rate increased by 60% as a result of the enormous token destruction.
While 267.14 million tokens were burned, the intraday burn data revealed a 400% increase, according to Shibburn data. Notably, CoinGape stated that 250 million coins were burned recently by the 1 CENT DREAM project, which corresponds with the intraday spike. These burning chronicles had a negative impact on the overall supply, which has already reached 589.25 trillion SHIB. Following the law of supply and demand, the significant decrease in supply has reflected market optimism for the meme currency.
At the same time, other developments in the community have given the token even more hope. According to CoinGape, Shytoshi Kusama, the token’s principal creator, made a hint that the TREAT token launch would happen soon. This much-discussed impending project has increased investor interest in the Ethereum-based token.
SHIB Price Expects a Huge Rally?
The price of SHIB was up 5% intraday at the time of publishing, trading at $0.00003156. Its 24-hour high was $0.00003186, and its 24-hour low was $0.00002955. Curiously, the larger charts confirmed investor optimism, with weekly and monthly advances of 16% and 68%, respectively. All things considered, this bullish trend aligns with the community’s token burn initiative.
Additionally, a recent CoinGape price study of Shiba Inu revealed that the meme coin is aiming for an ATH by 2025. Bullish price patterns, community developments, and ongoing SHIB burning provide a backdrop for this optimistic expectation. Crypto market aficionados are closely monitoring the cryptocurrency for additional upward movements in light of these optimistic market factors.
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