Shiba Inu Price Prediction - How Will the Massive SHIB Token Burn Event Impact the Price?

Shiba Inu Price Prediction – How Will the Massive SHIB Token Burn Event Impact the Price?

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Updated: 10 November 2023

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The Shiba Inu community has implemented a strong token-burning strategy, leading to a sharp increase in the burn rate to 1,632% over the last 24 hours. This notable rise is mainly due to the eager efforts of $SHIB supporters and different groups committed to decreasing the coin’s available amount.

Data from the Shibburn burn tracker indicates that, within the last 24 hours, a total of 9.6 million $SHIB tokens were transferred to dormant wallets. The majority of these burned tokens originated from a single wallet address, while several other wallets contributed smaller amounts to the inactive address.

This upswing in burning activity aligns with the voluntary efforts of $SHIB holders aiming to decrease the extensive circulating supply, with the hope of potentially boosting prices. As of now, approximately 410,662,442,480,410 $SHIB tokens have been burned, leaving approximately 580 billion tokens still in circulation.

Although a significant amount of $SHIB tokens has been burned, the subsequent increase in $SHIB’s price has been relatively moderate. This suggests a nuanced interplay among factors such as supply, demand, and market perception.

SHIB Crypto Price Prediction

Investors are striving to push $SHIB’s price beyond the $0.000009 threshold. In the previous rally in August, they faced challenges breaking through this price level, leading to expectations of substantial resistance from sellers.

Currently, the $SHIB price is trading at $0.0000084, accompanied by a 24-hour trading volume of $245.02 million and a market cap of $4.98 billion. Over the last 24 hours, the $SHIB price has seen a 4.39% increase. Based on recent price movements, $SHIB has been fluctuating within a broad range of $0.0000069 to $0.0000078.

Shiba Inu has been forming both higher and lower highs, indicating a modest upward trend. Should the price breach this trendline, Shiba Inu could potentially rally to $0.000010, with expected average and minimum prices ranging between $0.0000094 and $0.0000098.

Despite the recent progress, analysts suggest that a substantial impact on $SHIB price may require the elimination of many more tokens.

For an in-depth Shiba Inu price prediction, watch the video above and subscribe to his YouTube channel for more crypto-related content. Jacob Crypto Bury also runs a Discord channel with 17,000 members, where users can get trading tips and learn about upcoming crypto presales.