The recent monthly burn data for Shiba Inu (SHIB) has ignited optimism among investors, with many speculating that the meme coin could reach $0.0001 by November. The impressive burn rate, which saw nearly 125 million SHIB tokens incinerated over the past month, is seen as a crucial factor in potentially driving up the coin’s price.
Monthly SHIB Burn Data Sparks Optimism
As reported by the burn tracker Shibburn on October 31, a total of 124.5 million SHIB tokens were destroyed during October through approximately 85 separate burn events. This equates to an average of 2.93 burns and 4.291 million SHIB incinerated daily. Such significant reductions in supply have prompted bullish sentiment among investors, reinforcing the basic economic principle of supply and demand.
As of now, the total circulating supply of SHIB stands at approximately 589.26 trillion tokens. The substantial burn rate follows a previous month where nearly 349 million tokens were incinerated, further contributing to a positive outlook for the coin’s price movements.
Shiba Inu Price Analysis
At the time of writing, SHIB is trading at $0.00001857, reflecting a nearly 2% decline over the past 24 hours. The coin’s intraday low and high were recorded at $0.00001823 and $0.0000192, respectively. Despite the recent burn events, the monthly chart shows only a slight gain of 1%, which has led to mixed opinions among market participants regarding the potential for SHIB to hit the $0.0001 mark in November.
The heightened activity in the Shiba Inu ecosystem, particularly with the Shibarium platform, has contributed to the growing optimism surrounding the coin. A recent report indicated that SHIB ranks among the top cryptocurrencies that investors have been holding for extended periods, suggesting increased confidence in its future.
Shytoshi Kusama and Market Sentiment
Shytoshi Kusama, the lead developer of Shiba Inu, has further stoked market excitement by highlighting the coin’s performance relative to Bitcoin (BTC). This commentary has added to the bullish sentiment surrounding SHIB, particularly in light of recent market trends and upcoming U.S. elections.
Additionally, CoinGape Media’s analysis suggests that a price target of $0.000081 is realistic for SHIB, considering the current bullish movements in the broader cryptocurrency market. If SHIB surpasses this level, a potential climb to $0.0001 may follow.
As the market observes these developments, many are eager to see how the upcoming month unfolds for Shiba Inu, particularly with its impressive burn rate and expanding ecosystem.
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