The monthly SHIB burn rate garnered substantial attention on Thursday as it landed a remarkable blow to Shiba Inu’s supply. As per burn data surfacing within the market, nearly 125 million coins were incinerated in the past month, sparking optimism over the meme coin’s future price movements. Intriguingly, with the massive burn surge and recent ecosystem developments coming into play, market watchers are eyeing a $0.0001 price target ahead for Shiba Inu.
Monthly SHIB Burn Data Sparks Optimism As Millions Of Coins Destroyed
According to data from the tracker Shibburn on October 31, nearly 85 burns occurred this month, resulting in the destruction of a staggering 124.5 million Shiba Inu tokens. As per the data, this month saw 2.93 burns and 4.291 SHIB burnt on average per day. The massive amount of coins burnt ignited bullish investor sentiments surrounding the coin’s future movements, abiding by the law of supply and demand. As the crypto’s market supply takes a massive blow this month, tokenomics in turn mirror optimism.
Notably, SHIB’s total circulating supply as of writing totaled 589.26 trillion coins, with the massive burn rate surge coming into play. Further, it’s also worth mentioning that burn data showcased nearly 349 million coins burnt in the previous month, September, adding to optimism on the coin’s future movements. Altogether, the massive decline in the coin’s market supply has added a bullish tint to the token’s future movements.
Further, CoinGape Media reported that while the SHIB burn continued witnessing remarkable spikes this month, Shibarium activity also saw notable growth. This saga has poured additional optimism on the meme crypto’s future movements.
Shiba Inu To $0.0001 Possible?
At press time, SHIB price traded at $0.00001857, down nearly 2% in the past 24 hours. The coin’s intraday low and high were recorded as $0.00001823 and $0.0000192, respectively. Notably, the monthly chart showcased a slight 1% gain value despite the abovementioned massive SHIB burn. This has sparked contrasting speculations among market participants over the meme token’s potential to hit $0.0001 in November.
However, recent ecosystem developments, coupled with the massive burns, have urged investors to keep their eyes on the token. A recent CoinGape Media report revealed that Shiba Inu emerged among the leading cryptocurrencies, which crypto investors have been holding the longest. This data, underscoring increased market confidence in the asset, has added to bullish projections.
Simultaneously, it’s also worth mentioning that the token’s lead developer, Shytoshi Kusama, added to the market frenzy surrounding the meme coin, spotlighting how it outshined BTC. This chronicle has added to market optimism surrounding the meme-themed digital asset’s potential to pump ahead.
Also, a recent SHIB price analysis by CoinGape Media further reveals that a $0.000081 price target looms for the token in light of the broader market’s recent bullish movement, coupled with looming U.S. elections and surging market cap for the meme coin. Given the meme coin tops this level, a run to $0.0001 could also be seen ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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