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Shiba Inu’s 250M token burn by the 1 CENT DREAM project is underway, cutting circulating supply and fueling a market frenzy. With Christmas rally anticipation and ecosystem growth, SHIB remains a coin to watch this season.
Shiba Inu Community Prepares for 250M Token Burn Today
The Shiba Inu coin community is getting ready to burn 250 million tokens today, according to an X post by crypto dealer SHIB Knight dated December 6. The 1 CENT DREAM project is going to burn all of its tokens.
To put it in perspective, the burn mechanism of the meme crypto with a dog theme lowers the supply of tokens in circulation, which improves market dynamics. Notably, CoinGape earlier stated that the meme coin had already experienced large SHIB burns, which adds to the positive sentiment surrounding potential price moves in the future.
Importantly, the optimistic forecasts are mainly based on supply and demand, which means that prices will continue to rise even as supply decreases.
Christmas Rally Expected as Shiba Inu Gains Traction
All at once, a plethora of additional factors have set the crypto on a positive trajectory, suggesting significant gains before Christmas.
The positive news didn't stop the SHIB price from jumping 6% intraday to $0.00002996. Its low point was $0.00002991 and its high point was $0.00003243, both measured in 24 hours. Gains of 19% and 58% were shown on the token's weekly and monthly charts, respectively.
Along with the generally positive Q4 crypto market, the wider momentum points to the meme currency continuing its bull run.
SHIB Price Analysis Identifies $0.00005458 Target
At the same time, CoinGape has recently conducted a Shiba Inu price research and has identified a $0.00005458 price goal for the meme currency by December 31.
This bullish expectation is based on extremely strong market technicals, such as a positive Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD). Given these market characteristics, market analysts are keeping an eye on the coin to see whether it can gain even more ground.
Investors are even more bullish on the future of the dog-themed meme coin thanks to the impending release of the TREAT token, a game-changing tool for Shibarium.
TREAT and SHIFU Tokens Could Spark Additional Gains
Shytoshi Kusama, the chief developer of the cryptocurrency, mentioned last month that the debut of the TREAT token is imminent. If the new token is released before the end of the year, Shiba Inu currency has the potential to see even more substantial upward momentum.
Further intriguing for potential price changes is Kusama's statement that the SHIFU coin debut is imminent. The creators of SHIB are notable backers of the SHIFU currency.
In light of recent developments in the ecosystem, traders in the cryptocurrency market are keeping an eye on the Ethereum-based meme token to see whether its price changes any further.
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