Shiba Inu, a popular meme coin on the Ethereum blockchain, caused a lot of talk in the cryptocurrency world on Tuesday. This happened because the coin burned a huge amount, more than 36 million SHIB, in just one day. This caught the attention of people who follow the crypto market closely. Will SHIB Price explode? Let’s take a look at this more in this SHIB price article.
As of today, the price of Shiba Inu is $0.00000965, and it has a 24-hour trading volume of $133.96 million. The market cap is $5.66 billion, and Shiba Inu holds a 0.33% share in the overall cryptocurrency market. Over the last 24 hours, the SHIB price has decreased by -0.86%.
Shiba Inu reached its highest price on October 28, 2021, at $0.00008819, and its lowest price on November 28, 2020, at $0.000105637. After reaching its all-time high, the lowest price since then was $0.055603 (cycle low), and the highest price since the last cycle low was $0.00001179 (cycle high). The current sentiment for Shiba Inu’s price prediction is bearish, and the Fear & Greed Index indicates a score of 64, indicating greed in the market.
The circulating supply of Shiba Inu is 589.29 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The current yearly supply inflation rate is 7.33%, leading to the creation of 40.23 trillion SHIB in the last year. Shiba Inu is currently ranked #5 in the Ethereum (ERC20) Tokens sector and #2 in the Meme Coins sector based on market cap.
Shiba Inu Burns Over 36 Million SHIB Tokens: What it Means for Investors?
Shibburn, a platform that tracks the burning of Shiba Inu tokens, shared data revealing a massive 1628% increase in burning activity on Tuesday, January 16. In the last 24 hours, the community collectively burned a significant 88.75 million SHIB tokens.
Interestingly, it appears that the Shiba crypto community is actively participating in the burning process. The community made two substantial transactions, sending 34.24 million SHIB to a “dead wallet” and then moving another 52.39 million SHIB. This has sparked a lot of discussions and speculation in the global crypto community.
As of now, the total number of coins burned from Shiba Inu’s initial supply is 410.707 trillion, and the current circulating supply is 581.128 trillion.
Is SHIB Price About to Explode?
The remarkable surge in Shiba Inu burning activity, as evidenced by the 1628% increase in the last 24 hours, indicates a heightened level of community engagement and commitment to reducing the token’s overall supply.
The fact that the Shiba crypto community is actively involved in sending substantial amounts of SHIB to a “dead wallet” underscores a deliberate effort to decrease circulating tokens. This intentional burning strategy could potentially lead to increased scarcity, which, in turn, may have positive implications for the value of Shiba Inu tokens. Investors should take note of this development as it reflects a concerted effort by the community to influence the token’s supply dynamics, potentially impacting its market dynamics and valuation.
Despite trading above the 200-day simple moving average and experiencing 15 green days in the last 30 days, comprising 50% of the observed period, Shiba Inu (SHIB) has faced challenges in maintaining a positive overall trend. The token has recorded a notable -8% decrease in price over the past year, indicating a persistent bearish sentiment.
In a broader market context, SHIB has been outperformed by 81% of the top 100 crypto assets over the same one-year timeframe, reflecting the competitive nature of the cryptocurrency market.
Moreover, the substantial -89% drop from its all-time high highlights the significant volatility and potential challenges faced by SHIB investors. While SHIB exhibits medium liquidity based on its market capitalization, the yearly inflation rate of 7.33% introduces an additional consideration for investors, as it may impact the token’s supply dynamics and overall market dynamics in the coming months.
So, the prediction for Shiba Inu for the next few days could be between $0.0000058560 and $0.00002041. In the event that the upper price target is reached, SHIB could potentially see a substantial increase of more than 113%, reaching a price of $0.00002041.
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