The Shiba Inu burn rate experienced a remarkable 6750% increase recently, which has given the SHIB community confidence in the price target of $0.01.
Crypto SHIB, the renowned dog-themed meme, has once again incited optimism among crypto market traders worldwide, as evidenced by the remarkable increase in the Shiba Inu burn rate on Wednesday. The most recent burn data indicates that nearly 27 million coins were removed from the supply, which has sparked market optimism regarding the meme coin’s future movements. Furthermore, it is essential to note that the SHIB community has previously advocated for a $0.01 price target, contributing to the optimism surrounding the coin’s future movements in light of recent developments.
The burn rate of Shiba Inu has increased by 6750%, which has resulted in optimistic investor sentiment
As of October 23, the Shiba Inu burn rate has experienced a 6750% increase in the past 24 hours, according to the most recent Shibburn data. The primary cause of this increase is the removal of 27.10 million coins from the meme coin’s circulating supply. The total circulating supply as of the time of writing was 589.26 trillion coins, as indicated by the data, with the significant burn factoring in.
Concurrently, the weekly burn data suggests that approximately 58 million coins were removed from the meme token’s supply. The constant decrease in the token’s market supply fosters optimism regarding the coin’s future price movements, as it adheres to the law of supply and demand, as supply decreases while demand remains constant. Furthermore, it is also important to note that the leading dog-themed meme coin market may continue to increase in response to the most recent developments.
It is worth noting that the meme token, Shiba Inu, has been the subject of renewed optimism in light of recent developments in the “ecosystem.” According to a recent report by CoinGape Media, the token has previously experienced a phenomenal burn rate surge, which has led to optimism regarding a potential price rally similar to that of the Shiba Inu in 2021. Additionally, the report disclosed that the meme coin’s Layer 2 Shibarium experienced a substantial increase in activity, suggesting that the meme coin’s ecosystem is experiencing robust growth. In general, the crypto industry is expected to experience a bullish trajectory in the future due to recent ecosystem developments, including those previously mentioned.
SHIB Price to $0.01 Ahead?
Nevertheless, the price of SHIB experienced substantial volatility today, plummeting by nearly 2.5% to $0.00001806 as of the time of writing. Its intraday low and high were $0.00001785 and $0.00001851, respectively. Notably, the coin’s declining behavior is consistent with the current market trend, which has led to speculations that contradict the burn rate surge and positive developments.
SHIB’s long-term prospects have been projected with optimism despite the massive ongoing burning. Notably, the Shiba Inu marketing lead, LUCIE, has sparked significant interest in the possibility of a $0.01 price target for the meme coin shortly. In March of this year, Lucie disclosed that she has been hoarding the token since 2021 and is confident that it will reach $0.01, even though this may require some time.
Conversely, Coinglass data indicated a 5.9% decrease in the crypto’s futures open interest to $52.65 million today. In addition, the derivatives volume decreased by nearly 22%, reaching $106.71 million. This data is consistent with the coin’s current downward trend despite the broader prospects being optimistic due to the developments above.