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?

Updated: 10 November 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

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.