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The popular dog-themed meme cryptocurrency Shiba Inu (SHIB) exhibited a stable trend on the first day of the new year. As of January 1st, the token managed to approach the $0.0001 level with just a 1% increase throughout the day. This performance has raised market participants’ expectations regarding the token’s future price movements.
Decrease in Burn Rate Affects Price
Shiba Inu has attracted attention due to a decline in its burn rate. Recent data shows that SHIB’s weekly burn performance, with a total of 55.54 million tokens burned, is considerably lower compared to previous periods. This decrease in the burn rate does not significantly reduce the total circulating supply, contributing to the stagnant price movement of Shiba Inu.
Although the burn rate recorded during the day increased by 55%, it fell short of market expectations. The low burn activity is preventing the token’s price from surpassing a crucial level. Experts indicate that the slowdown in the burn rate is a critical factor for Shiba Inu’s long-term performance.
Long-Term Goals and Market Sentiment
As of the time of writing, the SHIB price is trading at $0.00002015. According to the last 24-hour data, the token showed a slight increase of 0.4%. The intra-day low and high levels were recorded at $0.00002052 and $0.00002178, respectively.
Market experts emphasize the significance of developments such as the Metaverse launch and the upcoming introduction of the TREAT token for Shiba Inu’s future. These initiatives are said to create a positive atmosphere within the community. A price analysis by CoinGape suggests that SHIB could reach the $0.0001 level by January 2025 in the event of a market recovery.
Shiba Inu’s price performance continues to be shaped by market dynamics and ecosystem developments. Investors are advised to consider these factors while formulating their strategies.
