With a recent surge in burn rates reducing Shiba Inu’s circulating supply, investor sentiment is rising, pushing SHIB closer to its price target of $0.0001. In October, approximately 125 million SHIB tokens were burned, and growth in the Shibarium ecosystem is creating a wave of optimism across the market. As SHIB’s supply declines, expectations for its future value increase.
Shiba Inu’s Monthly Burn Data
According to Shibburn’s report from October 31, a total of 85 burn events took place throughout the month, removing nearly 124.5 million SHIB from circulation. These transactions occurred at a daily rate of 2.93 on average, with around 4,291 SHIB burned each day. The ongoing supply reduction has positively influenced market sentiment, leading to bullish predictions for SHIB’s price movement.
Currently, the total circulating supply of Shiba Inu stands at 589.26 trillion tokens, with the large October burn rate continuing to impact this supply. In September, about 349 million SHIB tokens were burned, indicating an accelerated burn rate trend. This downward supply trend is driving a strong sense of optimism among investors, bolstered by the continuous reduction in the token’s supply.
Shibarium Expansion and Ecosystem Growth
Another key factor contributing to Shiba Inu’s potential growth is the Shibarium network, which has experienced significant expansion this month. Recent reports indicate that rising development and burn rates within the Shiba Inu ecosystem are generating renewed interest and confidence in the community. Notably, Shiba Inu’s long-term holding rate is high, reflecting increasing trust and positive expectations among SHIB investors. Prominent developers, such as Shytoshi Kusama, have also emphasized the potential for SHIB’s growth, further reinforcing this confidence.
Price Target and Future Expectations for SHIB
Currently trading around $0.00001857, SHIB has recorded a 1% monthly increase. The outlook for reaching $0.0001 in November has fueled positivity among investors. Additionally, some analysts point to the upcoming U.S. elections and overall crypto market activity as potential contributors to SHIB’s price. According to CoinGape Media, if market conditions align, SHIB could first meet a target price of $0.000081 before progressing toward the $0.0001 goal.
The Turkish NY Radio team notes that the recent developments within the Shiba Inu ecosystem are elevating interest in SHIB, particularly for long-term investors. The burn strategy to reduce supply is supporting SHIB’s price potential, while the strong community backing, growth in Shibarium, and high burn rates indicate that SHIB will remain on investors’ radar in 2024. As SHIB’s supply further decreases, it could become more attractive over the long term, contributing to increased optimism about future price movements.
