Shiba Inu, a popular meme coin, has witnessed a significant surge in its burn rate, with almost 17 million coins being removed from the circulating supply in just one day, representing a 1000% increase. This surge in burn rate has led to optimism among crypto traders and investors, who anticipate a bullish price trajectory for the token in the near future. Additionally, community member SHIB Knight has suggested a price target of $0.000015 for the token, further fueling positive sentiment.
The recent surge in Shiba Inu’s burn rate, as reported by Shibburn on X, has seen 16.94 million coins being removed from the total supply in the past 24 hours. This has brought the total number of coins burnt to date to 410.74 trillion tokens, with the circulating supply dropping to 584.37 trillion SHIB tokens. Two wallet addresses, “0xa9d1e08c7” and “0xa20833,” were identified as the ones responsible for the increased burn rate, further boosting confidence in the token’s potential price increase.
With the current price of SHIB coin standing at $0.00001220, up over 3% from the previous day, traders and investors are hopeful for a continued price upswing. This increase in price is attributed to the surge in burn rate and aligns with the overall positive trend in the broader market, with Bitcoin and other altcoins showing signs of recovery. SHIB Knight’s prediction of a $0.00001570 short-term price target has further boosted market sentiments, with many believing in the coin’s potential to achieve this milestone.
The market response to Shiba Inu’s burn rate surge has been largely optimistic, with investors viewing the supply reduction as a positive catalyst for price appreciation, even if demand for the asset remains constant. The recent price upswing in SHIB coin, coupled with the overall recovery in the crypto market, has instilled confidence among market participants and stakeholders. As the token continues to gain traction and attract attention, the potential for further growth and price appreciation remains high in the coming days.
Overall, the surge in Shiba Inu’s burn rate and the positive price momentum seen in recent days have sparked optimism among traders and investors. The coin’s potential to achieve a price target of $0.00001570, as suggested by SHIB Knight, has further fueled positive sentiment in the market. With the broader market showing signs of recovery and continued interest in meme coins, Shiba Inu’s prospects for growth and price appreciation look promising in the near future. Investors are advised to conduct thorough market research and analysis before making any investment decisions in the volatile cryptocurrency market.
