The Shiba Inu’s monthly SHIB burn rate attracted a lot of attention on Thursday, causing a noticeable decrease in the coin’s supply. According to the burn data spread in the markets, approximately 125 million tokens have been destroyed in the last month. This increased optimism about the future price movements of the meme coin. With the massive increase in breeding and recent ecosystem developments, market observers are predicting a $0.0001 price target for Shiba Inu.
Monthly SHIB Burn Data Raises Hope
According to Shibburn tracker data, there have been approximately 85 burnings as of October, resulting in the destruction of a total of 124.5 million Shiba Inu tokens. According to the data, there were an average of 2.93 burnings and 4,291 SHIB burnings per day this month. The burning of a large amount of tokens created optimism among investors about the future movements of the coin in accordance with the law of supply and demand. The significant decrease in cryptocurrency supply this month has had a positive impact on the token economy.
The total circulating supply of SHIB reached 589.26 trillion units as of writing, and this massive burn rate indicates a serious contraction in market supply. Additionally, data showing that approximately 349 million tokens were burned in September also shows that the burning is continuing and provides further optimism about the coin’s future movements. This reduction in total supply had a positive impact on the future of the token.
Is Shiba Inu’s $0.0001 Goal Possible?
At the time of publication, SHIB price is trading at $0.00001857 and is down around 2% in the last 24 hours. The daily lowest and highest prices of the coin were recorded as $0.00001823 and $0.0000192 respectively. The monthly chart showed a small gain of 1% along with the big burn. This has led to varying speculations among market participants as to whether the meme token will reach $0.0001 in November.
However, recent ecosystem developments and major burns have encouraged investors to focus on the token. According to a report by CoinGape Media, Shiba Inu has emerged as one of the leading cryptocurrencies that crypto investors have held the longest. This data increased market confidence in the asset, contributing to optimistic projections.
At the same time, it was stated that the token’s chief developer, Shytoshi Kusama, increased the market activity of the meme coin. This further increased market optimism around the digital asset and supported the potential for the meme-themed digital asset to gain value in the coming period.
Additionally, CoinGape Media’s recent SHIB price analysis shows that a $0.000081 price target is emerging for the token, given the recent bullish movement of the overall market, the upcoming US elections, and the meme coin’s increasing market capitalization. If Meme coin surpasses this level, an increase towards the $0.0001 target can be expected.
This significant decrease in the supply of Shiba Inu could support the value of the token and increase its liquidity. Investors can make more informed decisions by tracking combustion data and ecosystem developments. It may also be useful to observe the effects of such changes in market dynamics on other cryptocurrencies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
