Altcoin
Shiba Inu Sees 3B Token Burn This Week, What’s Next For SHIB?
The renowned dog-themed meme crypto Shiba Inu has again sparked bullish sentiments among traders and investors globally, primarily with its token burn saga. On Saturday, the weekly burn data showed that nearly 3 billion coins were taken from the circulating supply. In turn, market sentiments surrounding the meme coin have turned highly bullish, with traders eyeing an ATH shortly ahead.
Shiba Inu Records 3B Tokens Burnt This Week
According to an X post by the official tracker Shibburn, the Shiba Inu community witnessed 2.83 billion coins incinerated in the past seven days. Notably, the massive destruction of tokens resulted in a 60% uptick in the weekly burn rate.
Meanwhile, the intraday burn data showcased a 400% surge against the backdrop of 267.14 million tokens burnt, Shibburn data showed. Notably, CoinGape reported the 1 CENT DREAM project to have burnt 250 million coins recently, aligning with the intraday surge. As a result of these burning chronicles, the total supply took a hit, reaching 589.25 trillion SHIB to date. The substantial reduction in supply has echoed market optimism for the meme coin, abiding by the law of supply and demand.
Simultaneously, other community advancements have poured additional optimism into the token. CoinGape reported that the token’s lead developer, Shytoshi Kusama, hinted that the TREAT token launch is shortly to come. This much-touted looming endeavor has further ignited investor enthusiasm surrounding the Ethereum-based token.
SHIB Price Eyes Massive Rally Ahead?
At the time of reporting, SHIB price surged 5% intraday and was sitting at $0.00003156. Its 24-hour low and high were $0.00002955 and $0.00003186, respectively. Intriguingly, the broader charts solidified bullishness among investors, as the weekly and monthly gains totaled 16% and 68%, respectively. Overall, this bullish momentum falls in line with the community’s token burn endeavor.
Also, a recent Shiba Inu price analysis by CoinGape indicated that the meme coin eyes an ATH by 2025. This bullish anticipation comes against the backdrop of continued SHIB burns, community advancements, and bullish price patterns. In light of these bullish market dynamics, crypto market enthusiasts are extensively eyeing the token for further upside shifts.
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.
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