Key Highlights
- Shiba Inu's burn rate skyrocketed 1,500%, with 33 million SHIB tokens destroyed in 24 hours.
- Weekly burns reached 44.03 million SHIB, boosting optimism for the meme coin's value.
- SHIB price increased 1.5% to $0.00002276, with trading volume up 22% to $510 million.
Unprecedented Token Burns
Shiba Inu’s burn mechanism, designed to reduce supply and increase scarcity, saw 30 million SHIB tokens permanently removed from circulation on December 3. Data from Shibburn revealed:
- 33.01 million SHIB burned in 24 hours.
- 44.03 million SHIB eliminated weekly.
Annual trends show 2.67 billion SHIB burned in December alone, with 44.62 billion tokens removed from circulation in 2024. This aggressive deflationary strategy positions SHIB for potential long-term gains.
👉 Pro Tip: Learn how token burns impact crypto valuations
Whale Activity & Market Sentiment
A dormant SHIB whale withdrew 220 billion tokens from Binance on January 1, signaling a shift toward long-term holding. This move, combined with rising burn rates, has fueled bullish sentiment.
Price Analysis
- Current Price: $0.00002276 (+1.5% in 24h).
Critical Levels:
- Support: $0.000022 (must hold to avoid downtrend).
- Resistance: $0.000025 (breakthrough could trigger a rally).
Analysts project a $0.001 target by 2025 if burns persist and market conditions improve.
Meme Coin Sector & Broader Market
- Meme coin sector grew 10% in 3 days ($103.5B market cap).
- Global crypto market rose 0.27% to $3.39 trillion on January 3.
FAQs
Q: Why is Shiba Inu’s burn rate important?
A: Burning tokens reduces supply, increasing scarcity and potentially driving up prices.
Q: How many SHIB tokens have been burned in 2024?
A: Over 44.62 billion SHIB were removed from circulation this year.
Q: What’s the price prediction for SHIB?
A: Analysts target $0.001 by 2025, contingent on sustained burns and market support.
👉 Explore: Shiba Inu’s latest market trends
Conclusion
Shiba Inu’s record-breaking burns and whale activity underscore its potential as a top meme coin. While short-term volatility persists, the long-term outlook remains promising for investors eyeing the $0.001 milestone.
Always conduct independent research before investing.
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