Shiba Inu sees a burn rate surge with over 33 million tokens destroyed in a day, boosting the token’s price by 1.5%.
The second-largest meme coin, Shiba Inu SHIB $0.000007 24h volatility: 1.4% Market cap: $3.85 B Vol. 24h: $161.46 M , has captured market attention after its burn rate soared by 1500% on December 3. Data from Shibburn revealed that over 30 million SHIB tokens were destroyed in a single day, reducing the token’s supply and sparking optimism about its future price trajectory.
The SHIB burn mechanism, which permanently removes tokens from circulation, aims to create scarcity and boost the token’s value. Within the past 24 hours, 33.01 million SHIB tokens were burned. Moreover, weekly statistics also highlighted an increase in burn activity, with a total of 44.03 million tokens eliminated from circulation.
Shibburn’s annual data indicates that December alone saw the burning of 2.67 billion SHIB tokens across 143 transactions. Over the entire year of 2024, a staggering 44.62 billion tokens were removed from the circulating supply. Such consistent reductions in supply have positioned Shiba Inu as a potential bullish contender in the meme coin market.
Adding to the bullish sentiment, a dormant SHIB whale recently made headlines after withdrawing 220 billion tokens from Binance on January 1. The move suggests a shift toward self-custody and a long-term holding strategy.
Shiba Inu Price Trajectory
SHIB has experienced a modest uptick following the increased burn activity and whale transactions. At the time of writing, the token is trading at $0.00002276, reflecting a 1.5% increase in the past 24 hours. Trading volume has also surged by 22%, reaching $510 million, according to data from CoinMarketCap.
However, the meme coin is still down 25% on the monthly chart, aligning with the overall market downturn in the second half of December. For Shiba Inu to maintain its bullish momentum, analysts suggest that it must hold the crucial support level of $0.000022. Moreover, it must break through the $0.000025 resistance to signal a major rally. Looking ahead, investors and analysts alike are eyeing the $0.001 price mark as a potential target by 2025, contingent on sustained burns and broader market support.
The broader cryptocurrency market has shown signs of recovery after a bearish close to 2024. The global crypto market cap recorded a slight increase of 0.27% on January 3, standing at $3.39 trillion.
Meanwhile, the meme coin sector has witnessed a 10% surge over the past three days, with a current market cap of $103.5 billion. The broader crypto market has also started to gain momentum after a bearish end of 2024. On January 3, the crypto market recorded a 0.27% surge in its market cap, currently sitting at $3.39 trillion.
Shiba Inu’s growing market activity suggests a promising future for the popular dog-themed cryptocurrency.
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