Shiba Inu Sees 3B Token Burn This Week, What’s Next For SHIB?

Coingapestaff
December 7, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Shiba Inu Sees 3B Token Burn This Week, What's Next For SHIB?

Highlights

  • The Shiba Inu community registers around 3 billion weekly token burns.
  • The massive burn rate surge, dealing a blow to the supply, sparked market optimism over future movements.
  • A recent Shiba Inu price analysis hints at a potential SHIB rally to a new ATH by 2025.

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.

Advertisement
Advertisement

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.

Advertisement
Advertisement

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.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.