Shiba Inu (SHIB) has once again captured the attention of traders and investors, with discussions heating up over its potential to reach the long-anticipated $0.01 price mark. The recent burn of over 1 billion SHIB tokens has fueled optimism, but can this lead to a significant price surge?
Key Highlights:
- Massive SHIB Burn: Over 1.16 billion SHIB tokens were removed from circulation in January 2024.
- Increased Burn Rate: The weekly burn rate surged by a staggering 2104.39%.
- Resistance at $0.00002: SHIB faces a crucial price barrier before any major upside movement.
Shiba Inu Price Gains Momentum Amid Token Burn
The Shiba Inu community remains highly optimistic as SHIB continues to see large-scale burns. According to data from Shibburn, approximately 1.16 billion tokens were burned in January, averaging a daily reduction of 37.52 million tokens. The decrease in circulating supply is a key driver of bullish sentiment, as it aligns with fundamental supply and demand dynamics.
Weekly Burn Rate Surges
The past seven days saw an astonishing 1.13 billion tokens burned, contributing to a weekly burn rate increase of over 2100%. This intensified burning trend further strengthens investor confidence in SHIB’s long-term price prospects.
Can SHIB Reach $0.01?
Despite the massive burn, SHIB remains far from the $0.01 milestone. As of the latest data, SHIB is trading at $0.00001875, reflecting a 2% drop in the last 24 hours. The token’s price fluctuated between $0.00001858 and $0.00001964 intraday, reinforcing the critical resistance level at $0.00002.
While SHIB briefly surpassed this resistance in mid-January, it has since retracted, marking an 18% decline month-over-month. However, analysts remain optimistic that continuous burns and increased adoption within the SHIB ecosystem could push the price higher in the long run.
Will SHIB Hit $0.01 Anytime Soon?
Despite the hype, reaching $0.01 remains an ambitious target for Shiba Inu. While the ongoing burn mechanism reduces supply, it is unlikely to single-handedly drive such a dramatic price surge. Nonetheless, SHIB continues to demonstrate potential for significant gains, making it a meme coin to watch in 2024.
Conclusion
Shiba Inu’s path to $0.01 remains uncertain, but the increasing burn rate and market enthusiasm indicate that the token still holds growth potential. Investors should keep an eye on upcoming ecosystem developments and market trends to gauge SHIB’s next big move.
