Shiba Inu burn rate continues to deal a massive blow to the meme coin’s circulating supply, surging nearly 1000% this Saturday. Recent statistics from the token’s official burn tracker revealed that almost 17 million coins were removed from the circulating supply in just a day.
As a result, crypto traders and investors anticipate a highly bullish price trajectory for the token ahead, abiding by economic principles. Simultaneously, SHIB Knight, a renowned community member, has further asserted that a $0.000015 price target for the token looms right over the horizon.
Shiba Inu Burn Rate Bursts 1000%, What’s Fueling The Surge?
According to the latest data from Shibburn on X, the Shiba Inu burn rate has surged 984.58% in the past 24 hours. As per the data, 16.94 million coins have been removed from the total supply over the past day.
Source: Shibburn site
Following the abovementioned burn chronicle, the total number of coins burnt to date was evaluated as 410.74 trillion tokens. Further, the total circulating supply shredded down to 584.37 trillion SHIB tokens at the time of reporting.
Notably, two separate wallet addresses were collectivelyggested that the responsible for boosting the Shiba Inu burn rate today. Shibburn’s data suwallet addresses “0xa9d1e08c7” and “0xa20833” burnt 10 million and 4.3 million SHIB tokens, respectively.
Traders and investors view this saga as bullish news, given that supply reduction could prompt a price upswing even if the demand for the asset remains the same.
SHIB Price Eyes $0.000015?
At the time of reporting, SHIB coin’s price jumped over 3% and exchanged hands at $0.00001220. The meme coin pumped from a low of $0.00001183 over the past day. This price upswing mirrors a bullish impact fueled via the recent SHIB burn rate surge.
Besides, the price upswing also falls in line with today’s broader market trend, signaling that a recovery-like trend is cooking. Bitcoin price regained a hold above $83K after slipping as low as $74K this week. Altcoins and meme coins have mainly mimicked this uptrend, with Shiba Inu recovering from a weekly low at the $0.000010 level.
In response, broader market sentiments orbiting the meme coin are already optimistic. Moreover, community member SHIB Knight has posted on X amid this upswing, revealing that $0.00001570 is the short-term price target. Market participants remain highly optimistic as the meme coin has shown the potential to achieve such a feat ahead.
The post Shiba Inu Burn Rate Explodes 1000%, Can SHIB Price Hit $0.000015? appeared first on CoinGape.
