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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Chainstack Partners with POKT ($POKT) to Enhance Decentralized Web3 Infrastructure

Chainstack and POKT have announced a strategic partnership aimed...

Salesforce (CRM) Shares Plunge 20% on Weak Earnings Forecast, Impacting US Stock Markets

Salesforce Inc. shares tumbled about 20 per...

Crypto Apps Set to Mimic ChatGPT Growth in 2024: Key Insights on BTC, ETH, and Emerging Tokens

Cryptocurrencies are experiencing a surge in adoption,...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Nansen Reveals DBS Bank’s Hidden Ethereum (ETH) Holdings in Blockchain Analysis

DBS Bank, Singapore’s largest bank, has been...

Crypto Markets Plunge Up to 5% Awaiting U.S. Data: Key Altcoins Affected – BTC, ETH, ADA Analysis

The cryptocurrency markets are eagerly awaiting the...

FTSE 100 Index Analysis: Key Insights for May 30, 2024 – Market Trends and Projections

Cryptocurrency markets have been experiencing...

AI Predicts 2024 End-of-Year Surge for XRP and SHIB Coins: Expert Analysis Inside!

The crypto markets have been a rollercoaster...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Chainstack Partners with POKT ($POKT) to Enhance Decentralized Web3 Infrastructure

Chainstack and POKT have announced a strategic partnership aimed at enhancing decentralized Web3 infrastructure. This collaboration is expected to significantly improve the efficiency and reliability...

Crypto Apps Set to Mimic ChatGPT Growth in 2024: Key Insights on BTC, ETH, and Emerging Tokens

Cryptocurrencies are experiencing a surge in adoption, with experts predicting significant growth in the coming year. Chris Burniske, a veteran of...

Singapore’s Largest Bank DBS Holds Over $650 Million in Ethereum (ETH), Solidifying Its Crypto Market Presence

Nansen, a blockchain analytics firm, is strongly convinced that one Ethereum address controlling a whopping 173,700 ETH worth over $650 million at...