The Shiba Inu coin is preparing for a significant 250M token burn shortly, which has sparked optimism regarding a significant SHIB rally by Christmas.
The Shiba Inu coin community is preparing for a remarkable 250 million token burn to elevate market sentiment. A prominent trader in the SHIB community disclosed on Friday that the 1 CENT DREAM project is committed to accomplishing the objective above. Simultaneously, crypto market traders and investors anticipate substantial price increases in the dog-themed meme cryptocurrency by the approaching Christmas season.
The Shiba Inu Coin community is observing the 250 million token burn by the 1 CENT DREAM Project
SHIB Knight, a crypto trader, announced on December 6 that the Shiba Inu coin’s community is preparing for a 250M token burn today in an X post. It is important to note that the 1 CENT DREAM project is responsible for conducting this token burn.
To provide context, the burn mechanism of the dog-themed meme crypto diminishes the token’s circulating supply, thereby enhancing market dynamics. It is also important to mention it was reported that the meme coin has already experienced significant SHIB burns, contributing to the current optimism regarding future price movements. It is important to note that the bullish projections are primarily attributed to the law of supply and demand, indicating that price gains are imminent as the supply decreases.
Concurrently, many other events have facilitated a bullish trajectory for the cryptocurrency, suggesting substantial gains by the upcoming Christmas season.
By the year’s conclusion, will the SHIB price be $0.00005?
Despite the optimistic news, the price of SHIB collapsed by nearly 6% intraday and reached $0.00002996. The 24-hour low and high were $0.00002991 and $0.00003243, respectively. However, the token’s weekly and monthly charts demonstrated 19% and 58% gains, respectively. The meme coin is currently experiencing an ongoing bull run, consistent with the overall bullish Q4 crypto market, as indicated by the broader momentum.
Concurrently, CoinGape Media’s most recent Shiba Inu price analysis indicated that the meme coin is poised to reach a price of $0.00005458 by December 31. This bullish anticipation is accompanied by highly optimistic market technicals, such as a bullish Relative Strength Index (RSI) and MACD. In light of the aforementioned market dynamics, market watchers continue to monitor the coin for potential future gains.
Furthermore, the market’s optimism regarding the future of the dog-themed meme coin has been further bolstered by the imminent launch of the TREAT token, a revolutionary measure for Shibarium. The TREAT token launch is imminent, as the crypto’s lead developer, Shytoshi Kusama, noted in the previous month. The Shiba Inu coin could experience substantial upward momentum if the new token is introduced by the end of the year.
Additionally, Kusama suggested that the SHIFU coin launch is imminent, adding intrigue to future price trends. It is important to note that SHIFU is a cryptocurrency that the developers of SHIB support. In light of the most recent ecosystem developments, crypto market participants continue monitoring the Ethereum-based meme token for potential price fluctuations.
