Shiba Inu (SHIB) Burn Rate Skyrockets by Nearly 500%, Sparking Widespread Optimism

In an astounding development, Shiba Inu's burn rate has skyrocketed by nearly 500% over the last 24 hours. This has sparked widespread optimism, with analysts reinforcing their prediction that the Shiba Inu price will hit the coveted $0.01 target.

Shiba Inu’s burn rate has seen a nearly 500% increase over the last 24 hours, putting optimism back into the Shiba Inu price predictions that the token will hit the $0.01 range.

According to SHIBBURN, which keeps track of the burn rate of Shiba Inu, over 14,052,230 SHIB tokens were burned in a single day, rendering a nearly 500% increase in the burn rate.

This brings the total number of Shiba Inu tokens permanently removed from circulation to 410,745,386,439,403. Now, the circulating supply has reached 584,352,017,567,164.

This development sparks anticipation of a possible Shiba Inu price rally, particularly aiming for the coveted $0.01 mark.

How Will The Burn Rate Hikes Impact Shiba Inu Price?

Tokens are burned to permanently remove them from circulation, decreasing the total number of tokens. This process has a two-fold impact on the crypto market.

When Shiba Inu tokens are destroyed, it creates a scarcity of tokens, which, in turn, increases demand. This scarcity effect and the subsequent demand hike could theoretically push the token’s value higher.

In addition, a consistent burn rate can also have a profound impact on investor sentiment. When a platform regularly burns tokens, it demonstrates an active management of supply. This can foster confidence among investors, as they perceive the project as responsibly managing its token economy.

Thus, with the recent 500% hike in the SHIB burn rate, analysts and enthusiasts remain confident that the Shiba Inu price could hit the long-anticipated $0.01 range.

Is $0.01 Target On The Horizon?

At the time of writing, SHIB is trading at $0.00001276, down 1.28%. Despite a weekly surge of 1.76%, the Shiba Inu price has seen a massive dip of 17% over the past month.

Analysts are still bullish on Shiba Inu’s potential for a bullish rally. For instance, ZAYK Charts asserted that SHIB is breaking out of a falling wedge pattern, signaling a bullish move. According to his predictions, Shiba Inu will see a staggering 81.63% surge, hitting a critical point of $0.00002500.

Similarly, the analyst known on X as CW shared a short-term target for SHIB. According to him, Shiba Inu’s move past the falling wedge pattern signals its target of $0.000034.

According to the Shiba Inu price prediction, SHIB may reach $0.0000143 in 2025.