SHIB Price to $0.0001 as Burn Rate Rises 65,529%?
Over 2.6 million Shiba Inu (SHIB) tokens have been burned in the previous 24 hours to lower the coin's circulating supply, a 65,529.67% increase. Shiba Inu holders and crypto researchers are interested in this abrupt burn rate surge since burn events frequently cause price speculation.
Shiba Inu Burn Rate Increases Recent burn transactions sent millions of SHIB tokens to designated "dead wallets," as reported by Shibburn. This indicates an accelerated supply drop, boosting long-term SHIB price prospects.
Just two hours ago, the address “0x608…” burnt 344,431 SHIB tokens. Another wallet burned 1.5 million SHIB tokens 15 hours ago.
This sequence of transactions has removed tokens from circulation to increase SHIB's scarcity, a common crypto technique to increase demand. Burning large amounts of tokens is reducing SHIB supply. 410.73 trillion SHIB tokens have been burnt, a positive event.
SHIB Price to Reach $0.0001?
Advertisement for OZO
A short-term downturn has plagued Shiba Inu's pricing despite these attempts. As of Friday, October 25, SHIB was trading at $0.00001733, down 2.74% and over 9% for the week.
SHIB gained 12% last month, and experts are cautiously hopeful. They think SHIB might rebound if it regains $0.00001850, which could lead to additional increases.
Shiba Inu may reach the important resistance zone between $0.000020 and $0.000021 if it continues momentum, analysts say. SHIB might reach $0.00003 if it breaks this level.
Some estimate the meme coin might hit $0.00005 if market circumstances are good. Analysts believe persistent strong mood might boost SHIB price beyond $0.0001.
Since the Shiba Inu price tracks speculative interest and crypto market developments, volatility remains a risk. The recent burn rate increase has raised concerns about the token's long-term scarcity, which may increase its attractiveness as a high-risk, high-reward asset.
