Altcoin
Shiba Inu Coin Community Set For 250M Token Burn, Huge Rally This Christmas
In a bid to uplift market sentiment, Shiba Inu coin’s community appears to be preparing for a staggering 250 million token burn. On Friday, a renowned trader within the SHIB community revealed that the 1 CENT DREAM project strives to achieve the abovementioned endeavor. Simultaneously, crypto market traders and investors are eyeing huge gains in the dog-themed meme crypto’s price by this Christmas.
Shiba Inu Coin’s Community Eyes 250M Token Burn By 1 CENT DREAM Project
In an X post by SHIB Knight dated December 6, the crypto trader notified that the Shiba Inu coin’s community is preparing for a 250M token burn today. Notably, this token burn is to be conducted by the 1 CENT DREAM project.
For context, the dog-themed meme crypto’s burn mechanism reduces the token’s circulating supply, bolstering market dynamics. It’s also noteworthy that CoinGape Media reported previously that the meme coin already witnessed massive SHIB burns, adding to bullishness surrounding future price movements. Notably, the bullish projections are primarily attributed to the law of supply and demand, reflecting price gains remain imminent with reducing supply.
Simultaneously, a stockpile of other events has further paved a bullish path for the crypto, indicating strong gains by this Christmas.
SHIB Price To $0.00005 By Year End?
Despite the optimistic news, SHIB price cracked nearly 6% intraday and reached $0.00002996. Its 24-hour low and high were $0.00002991 and $0.00003243, respectively. Nevertheless, weekly and monthly charts for the token showcased gains worth 19% and 58%, respectively. The broader momentum indicates an ongoing bull run for the meme coin amid a broader bullish Q4 crypto market.
Simultaneously, a recent Shiba Inu price analysis by CoinGape Media flagged that a $0.00005458 price target for the meme coin looms by December 31. This bullish anticipation comes against the backdrop of highly optimistic market technicals, including a bullish Relative Strength Index (RSI) and MACD. Market watchers continue to monitor the coin for further gains in light of the abovementioned market dynamics.
Additionally, the looming launch of the TREAT token, a revolutionary measure for Shibarium, has added to market optimism surrounding the dog-themed meme coin’s future. The crypto’s lead developer, Shytoshi Kusama, pointed out the previous month that TREAT token launch lies shortly ahead. Should the new token launch this year-end, the Shiba Inu coin could see further significant upside momentum.
Also, Kusama hinted that the SHIFU coin launch lies shortly ahead, adding a layer of intrigue to future price movements. Notably, SHIFU is a coin backed by SHIB developers. Crypto market participants continue to monitor the Ethereum-based meme token for further price shifts amid the latest ecosystem developments.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: