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This week, Shiba Inu burned a massive 175 million tokens, stoking optimism among holders despite a price retreat. The surge in token burns could pave the way for SHIB to reach the anticipated $0.00003 mark amid fluctuating market conditions.
Massive SHIB Burn Ignites Hopes Despite Market Dip, Eyes on $0.00003 Milestone
Against the backdrop of a weekly price fall observed by Shiba Inu (SHIB), the meme coin's community appears to have recorded the destruction of a massive 175 million tokens, providing a light of optimism for the meme coin despite its downward trajectory. According to CoinGape, the token's burn tracker indicated that 174.93 million SHIB tokens were burned over the last week.
The massive removal of tokens from SHIB's market supply resulted in a 281% increase in the weekly burn rate, which looks to have protected the dog-themed meme token from further downside pressure. Here's a deeper look at Shiba Inu's token-burning history, developments, and price changes over the last week, which have fueled conjecture about the dog-themed meme token's ability to reach $0.00003 ahead.
SHIB's Strategic Burns Accelerate Amid Market Volatility, Aiming for Price Recovery
According to Shibburn, Shiba Inu's burn tracker, today's SHIB burn represents a 71.55% increase over the previous week's pace. With 42.76 million tokens burned in the last 24 hours, the meme coin appears to be using the depletion of its supply to prevent additional declines.
Meanwhile, the token's circulation supply was 582.94 trillion SHIB, while the total supply was 582.94 trillion coins at press time, with 410.72 trillion tokens burned thus far. Despite losing approximately half of the Shiba Inu supply, the token has yet to enter a long-anticipated parabolic ascent.
Furthermore, the dog-themed meme coin began the year positively, with SHIB rising from a low of $0.000008 to a high of $0.00003 in March. This price increase is primarily due to significant gains in the meme coin sector, as highlighted by VanEck's meme coin index. Simultaneously, SHIB's ecosystem developments added to the positive momentum.
It's worth noting that while the community's token burn mechanism continued to consume substantial sums of SHIB in the background, the Shiba crypto community ruled out a slew of upgrades aimed at improving tokenomics. However, once the token reached a high level of $0.00003, SHIB began sliding sideways with a decreasing trajectory, birthing a tidal wave of speculation among investors over future price movements.
SHIB's Price Dips Despite Positive Derivatives, Market Eyes Potential Rebound
At the time of writing, SHIB's price had fallen 3.59% to $0.00002255. Its 24-hour low and high values are $0.00002222 and $0.00002358, respectively. Furthermore, the token's market capitalization dropped 3.46% to $13.29 billion, while 24-hour trading volume fell 2.18% to $374.93 million.
This short-term price activity contrasts with the community's recent developments and fires. Coinglass data showed that SHIB's open interest increased by 0.36% to $59.74 million, followed by a 3.33% increase in derivatives volume to $114.26 million.
Collectively, market data could highlight SHIB's current market volatility. On the other side, focusing on recent burn trends, CoinGape Media's analysis shows that if the market recovery continues over time, the meme crypto may reach $0.00003 in price.
However, the RSI continued to fall, now hovering at 42. Although this implies that the token is neither overbought nor oversold, it points to more downside pressure in the market.
Nonetheless, this year's main event—BTC's halving—and its subsequent aftermath will benefit SHIB in the long run. As bulls and bears compete for the Shiba Inu coin, crypto market participants continue to pay close attention.
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