As 2024 approaches, the popular meme coin Shiba Inu (SHIB) has captured renewed attention among investors. Data from the official burn tracker Shibburn reveals a remarkable 250% increase in the burn rate of Shiba Inu over the last 24 hours. This development has raised positive expectations regarding the future price movements of the coin.
SHIB Burn Rate Increases
According to Shibburn, a total of 1.71 million SHIB tokens were burned within the past day, which indicates a 243% increase compared to the previous period. The burned tokens were sent to unrecoverable null addresses.
This mechanism aimed at reducing supply has the potential to positively influence the supply-demand balance in the cryptocurrency market. Experts suggest that this spike in SHIB’s burn rate could have favorable long-term effects on prices.
New Developments and Expectations in the Ecosystem
The SHIB ecosystem is attracting attention not only with the increase in the burn rate but also through new projects. Lead developer Shytoshi Kusama recently confirmed the upcoming launch of the TREAT token. The company aims to make a mark with its newly introduced platform called “SHIB: The Metaverse.”
These innovations are enhancing SHIB’s market visibility while continuing to engage the community. Analysts state that these developments create a favorable environment for Shiba Inu to reach the $0.0001 level by 2025.
Investors are closely monitoring the price movements of the SHIB token and market trends. The rise in burn rates and stability at support levels contribute to increasing confidence in this cryptocurrency.
As it enters 2024, Shiba Inu is continuously strengthening its position in the market through both the rise in burn rates and developments within its ecosystem.
