Highlights
The renowned dog-themed meme coin SHIB has again sparked substantial investor optimism as 2024 comes to a close. On Tuesday, market data flagged a roughly 250% uptick in the Shiba Inu burn rate, adding bullishness to the coin’s future movements as the supply takes a hit. In turn, market participants are now anticipating phenomenal gains in the asset ahead, with many believing that SHIB price is readying for a breakout.
As per the latest data from the official burn tracker Shibburn, the Shiba Inu burn rate witnessed a 243% surge intraday as 1.71 million tokens were destroyed. Notably, the burn rate surge adds a bullish tint to the coin’s future movements, abiding by the law of supply and demand.
For context, the dog-themed meme coin’s burn mechanism focuses on permanently reducing the circulating supply. The SHIB burn mechanism sends tokens to a null address, making their recovery impossible. As a result, market participants expect a bullish impact on SHIB price ahead as the supply declines.
Meanwhile, other broader ecosystem developments have added to optimism about the crypto’s long-term prospects. The coin’s lead developer, Shytoshi Kusama, recently confirmed the TREAT token launch, sparking investor curiosity surrounding SHIB price. Also, the community saw the launch of the ‘SHIB: The Metaverse’ platform, enhancing the project’s market visibility. Overall, in light of the abovementioned advancements, crypto enthusiasts are eyeing the meme coin extensively.
Shiba Inu price today slipped nearly 2% and traded at $0.00002114. Its 24-hour low and high were $0.00002052 and $0.00002182, respectively. Notably, the waning SHIB action aligns with the broader market trend. Nevertheless, long-term prospects for the crypto shine with bullishness, attributable to recent ecosystem developments and the surge in the Shiba Inu burn rate.
Intriguingly, top crypto analyst Ali Martinez on X spotlighted a significant support zone between $0.0000215 and $0.0000193 for the token. A maintained close above this level underscores the potential for further gains.
Also, a recent Shiba Inu price analysis by CoinGape revealed that a $0.0001 price target awaits amid strong market technicals. Market watchers are thoroughly monitoring the crypto, expecting it to achieve unprecedented levels in 2025.
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