Huge Increase in Shiba Inu Burn Rate: Can the SHIB Price Rebound? (2024)

FAQs

Huge Increase in Shiba Inu Burn Rate: Can the SHIB Price Rebound? ›

Shiba Inu (SHIB) has experienced a remarkable price rebound driven by community efforts and strategic development. The recent increase in price can be attributed to a significant increase in whale activity and a significant token burn rate, which reduces supply and can potentially increase value.

Given that SHIB hasn't taken a lot of punishment in recent weeks, it's now in a good position to rebound in the near future. Indeed, transfer data suggests that whales have begun accumulating the coin again, taking advantage of its discounted price.

The SHIB token burning process aims to reduce the total supply of coins in circulation, which could ultimately lead to an increase in their value. As of today, the total number of SHIB tokens burned is 410,726,404,777,297, while there are about 589,273,595,222,702 tokens remaining in circulation.

Nonetheless, the project may amp up its burn initiative by a significant margin in the coming months. With the help of ShibaSwap, Shibarium, and virtual land in the SHIB metaverse, the project could theoretically burn 111 trillion SHIB annually.

Shiba Inu may continue to climb, perhaps reaching as high as $0.0000300, if history is believed and money starts flowing back into crypto.

Shiba Inu reaching the 25 Cents mark needs a robust and massive push in its market cap. SHIB's market cap is near $15 billion today and needs to scale up phenomenally to even consider reaching $0.25. While the market cap seems unrealistic, it's not impossible to achieve in the future.

In January 2024, the Shiba Inu cryptocurrency ecosystem witnessed the burning of approximately 9.9 billion SHIB tokens, a move aimed at reducing the token's circulating supply and potentially increasing its value. This burn removed about $88,348 worth of SHIB from circulation.

It reduces the supply of SHIB. it will also lead to higher value per token if demand increases. Attracting long-term holders: Burn mechanisms can maintain the token's value and manage inflation. This will lead to confidence in the investors and captivate new holders.

Unfortunately, no leading price prediction firms have predicted a tentative timeline for Shiba Inu to reach the $0.01 milestone. The highest they have predicted is a price target of $0.0001 and that too after this decade in 2030. Even leading analytical firms remain clueless about when SHIB could reach the 1 Cent mark.

Can shibarium burn trillions? ›

In 2022, a Shiba Inu community member, who goes by the pseudonym 'Queenie,' projected that the Shibarium burn portal could incinerate a whopping 111 trillion SHIB tokens annually.

The current circulating supply of Shiba Inu is 589.26T. This is the total amount of SHIB that is available.

As of March 2024, there are around 1.3m SHIB holders, and the Top 10 SHIB holders own over 59% of the token's total circulating supply.

Shiba Inu is expected to cost between $0.0045 and $0.0058 in 2040, with an average market price of $0.0049. This range represents market expectations and takes into account several possibilities as crypto is expected to attain widespread usage.

Our list of the next big crypto coins to explode in 2024 (x100 Bull Run) : EarthMeta ($EMT) – AI-driven Metaverse platform for decentralized governance and digital real estate. Folki ($FOLKI) – Meme coin integrating with the metaverse.

For SHIBA INU price prediction for 2035, a prediction is offered for each month of 2035 with average SHIBA INU price forecast of $0.0002743, a high forecast of $0.0003465, and a low forecast of $0.00009022 .

Several months back, Shiba Inu was listed within the top 10 cryptocurrencies by market cap. Currently, it has dropped two spots. Amid a considerable downturn in the crypto market, with Bitcoin's price dropping towards $63,000 in recent days, meme coins have been particularly affected.