The monthly SHIB burn rate of Shiba Inu gained significant attention on Thursday, leading to a remarkable decrease in coin supply. According to burn data circulating in the markets, approximately 125 million tokens were destroyed in the past month. This situation has increased optimism regarding the future price movements of the meme coin. With a substantial rise in burns and recent ecosystem developments, market observers predict a price target of $0.0001 for Shiba Inu.
Monthly SHIB Burn Data Increases Optimism
According to Shibburn tracking data, around 85 burns occurred by October, resulting in the elimination of a total of 124.5 million Shiba Inu tokens. The data indicates an average daily burn of 2.93 and 4,291 SHIB burned this month. The significant amount of tokens burned has created a positive atmosphere among investors regarding the coin’s future movements in line with the law of supply and demand. The substantial decrease in cryptocurrency supply this month positively impacted the token’s economy.
As of the date of writing, SHIB’s total circulating supply reached 589.26 trillion, and this high burn rate indicates a severe contraction in market supply. Additionally, data from September shows that approximately 349 million tokens were burned, indicating that the burn process continues and further enhances optimism regarding the coin’s future movements. Such a significant reduction in total supply has a positive effect on the token’s future.
Is Shiba Inu’s $0.0001 Target Achievable?
At the time of publication, SHIB was trading at $0.00001857, down approximately 2% in the last 24 hours. The coin recorded daily lows and highs of $0.00001823 and $0.0000192, respectively. The monthly chart shows a small value increase of 1% alongside significant burns. This situation has led to various speculations among market participants about whether the meme token can reach $0.0001 in November.
However, recent ecosystem developments and major burns have encouraged investors to focus on the token. According to a report by CoinGape Media, Shiba Inu stands out as one of the leading cryptocurrencies that crypto investors have held the longest. This data contributes to increased market confidence in the asset, leading to optimistic projections.
Additionally, the main developer of the token, Shytoshi Kusama, has reportedly increased market activity for the meme coin. This has further elevated market optimism around the digital asset and supported its potential for value appreciation in the upcoming period.
Furthermore, recent SHIB price analysis from CoinGape Media suggests that considering the overall market’s recent bullish movement, upcoming U.S. elections, and increasing market capitalization of the meme coin, a price target of $0.000081 has emerged for the token. If the meme coin surpasses this level, an increase towards the $0.0001 target may be expected.
This significant decrease in Shiba Inu’s supply could support the token’s value and increase its liquidity. Investors can make more informed decisions by following burn data and ecosystem developments. Observing how such changes in market dynamics affect other cryptocurrencies could also be beneficial.
