Shiba Inu (SHIB) is seeing renewed optimism from market watchers, primarily driven by the latest surge in its burn rate. Over the weekend, the burn data revealed a staggering 7,400% increase in the crypto’s weekly burn, with around 2 billion SHIB tokens being destroyed. This massive reduction in supply has sparked renewed bullish sentiment, with experts eyeing a potential price target of $0.0004 as the meme coin gains traction in a bullish Q4 market.
SHIB Burn Rate Soars to New Heights
On Saturday, November 30, Shiba Inu’s burn rate surged by an astonishing 7,418% according to Shibburn, an official tracking platform. A total of 1.93 billion SHIB tokens were burned, reducing the circulating supply significantly. As a result, SHIB’s total supply at the time was reported to be 589.26 trillion tokens, a number expected to shrink further as more tokens are destroyed through the burn mechanism.
This strategy of burning tokens by transferring them to a null address is designed to reduce SHIB’s excessive supply, ultimately aiming to create upward pressure on its price. As supply diminishes, the law of supply and demand suggests the price could increase, making SHIB an attractive asset for traders and long-term holders.
Kaaldhairya’s Impact on SHIB’s Burn Surge
A significant portion of the recent surge in SHIB burns can be attributed to Shiba Inu executive Kaaldhairya, who has been an active contributor to the burn initiative. On November 30, Kaaldhairya confirmed that he personally burned 80 million SHIB tokens, further boosting the burn rate. He also shared that the Shiba Inu ecosystem’s semi-automatic burns have already destroyed over 300 million SHIB tokens to date. These efforts have alleviated concerns about the effectiveness of the burn mechanisms, reinforcing confidence in SHIB’s long-term value.
In addition to the burn efforts, Kaaldhairya announced the completion of maintenance on Shibarium, the Shiba Inu blockchain, ensuring that its bridge is now fully functional. This development strengthens Shiba Inu’s position within the broader cryptocurrency sector and lays the groundwork for future growth.
What’s Next for SHIB’s Price?
As of the latest data, SHIB is trading at $0.00002593, down slightly by 0.06%. However, the monthly chart shows a 39% increase in its value, reflecting strong bullish momentum driven by the burn surge and community developments. While the possibility of SHIB reaching $1 this year remains unlikely, analysts believe that a price break above the $0.00003 resistance level could pave the way for a $0.0004 target in the near future.
Additionally, the growing accumulation of SHIB by large crypto whales has further fueled optimism, as these investors continue to add to their positions amid a bullish market. As SHIB’s community grows and its ecosystem expands, many are keeping a close eye on the token’s price movements, anticipating further shifts based on the ongoing developments.
With the combination of a record-breaking burn rate, ecosystem advancements, and increased whale activity, Shiba Inu is poised for potential gains in the coming months. The path to a $0.0004 target remains uncertain, but the recent data points suggest that SHIB could be in for an exciting ride as the year draws to a close.
