Shiba Inu (SHIB) Burns 175 Million Tokens: Is the $0.00003 Price Mark on the Horizon?

• Shiba Inu registered the incineration of a whopping 175 million coins this week.
• SHIB’s weekly price trajectory contrastingly illustrated a correction.
• Is $0.00003 possible?

Shiba Inu burns 175 million coins this week, sparking speculations of a potential rise to $0.00003 despite a contrasting price correction.

Shiba Inu Burns 175 Million Coins

Despite a weekly price correction, Shiba Inu (SHIB) recorded the destruction of a whopping 175 million tokens. According to the token’s burn tracker, 174.93 million SHIB tokens were burnt over the past week. This significant reduction in SHIB’s market supply resulted in a 281% surge in the weekly burn rate, potentially preventing further downside pressure.

SHIB Burn Data: A Closer Look

Shibburn, Shiba Inu’s burn tracker, reported a 281% weekly surge in the burn rate, with a 71.55% upswing in SHIB burn today. With 42.76 million tokens burnt in the past 24 hours, the meme coin appears to be leveraging the reduction of its supply to prevent further dips. However, despite the destruction of nearly half of Shiba Inu’s supply, the token has yet to embark upon a much-expected parabolic uptrend.

Shiba Inu’s Price Action

At the time of writing, SHIB’s price illustrated signs of a pullback, dipping 3.59% to $0.00002255. Its 24-hour lows and highs are $0.00002222 and $0.00002358, respectively. Further, the token’s market cap dipped 3.46%, reaching $13.29 billion, whereas the 24-hour trading volume followed, slipping 2.18% to $374.93 million. This short-term price action contrasts with the community’s recent developments and burns.

Conclusion

Despite the significant amount of tokens burnt, SHIB witnessed price correction in the past week. However, if the market recovery persists within the broader timeframe, the meme crypto could potentially hit the $0.00003 price level. Nonetheless, this year’s main event, BTC’s halving, and its aftermath are expected to bolster SHIB in the long-run.