SHIB Burn Skyrockets 7,400% as Executive Burns 80M Coins, Shiba Inu Price to $0.0004?

Market observers are once again optimistic about the Shiba Inu price, largely due to the latest SHIB burn data. Notably, Saturday’s burn statistics indicate a whopping 7,400% increase in the cryptocurrency’s weekly burn rate as approximately 2 billion coins were burned. In turn, crypto enthusiasts are eyeing a potential target of $0.0004 for the well-known dog-themed meme coin as the market turns bullish in the fourth quarter.

SHIB Burn increases 7,400% weekly as Kaaldhairya burns 80 million coins

Notably, according to the official tracker Shibburn on, the total supply of the dog-themed meme coin was estimated at 589.26 trillion tokens at the time of reporting given the massive surge.

For comparison, Meme Coin’s token burn mechanism helps reduce the asset’s excess market supply by transferring it to a zero address. These tokens can never be retrieved, significantly affecting the cryptocurrency supply. In return, market observers expect an upward effect on the price of the asset, reflecting the law of supply and demand.

Interestingly, it’s also worth noting that Shiba Inu manager Kaaldhairya appears to have contributed significantly to the aforementioned burn rate increase. Kaal took to X on November 30 and revealed that the ecosystem’s semi-automated burns have been working for months and have burned over 300 million tokens so far. Additionally, the executive said, “I just burned over 80 million SHIB a few minutes ago and enjoyed the cool animation at the end.” While these statements solidified optimism about the meme coin’s long-term prospects, they also cleared up any misconceptions about the automatic combustions, which are intended to reduce the excess supply.

Additionally, the same general manager announced that recent maintenance work on Shibarium has been completed and the bridge is now fully operational. This development has further cemented the meme coin’s leadership position in the broader sector. On the other hand, Kaaldhairya also revealed that the team is “still working on upgrades to the burn contracts,” sparking further discussions about future price movements.

What can I expect from the SHIB Prize?

At the time of reporting, SHIB price was trading at $0.00002593, down marginally by 0.06%. Its intraday low and high were $0.00002551 and $0.00002633, respectively. Furthermore, the monthly chart for the coin shows a 39% increase, highlighting the optimism given the SHIB burn increase and the community’s progress.

At the same time, Shiba Inu price analysis from CoinGape Media found that the token has potential gains on the horizon, although the chances of hitting $1 this year remain slim. Furthermore, if the coin maintains its monthly bullish momentum, it could break the resistance at $0.00003. This uptrend could in turn pave the way for a price target of $0.0004.

Meanwhile, rising Shiba Inu whale stocks have increased market optimism about the coin’s upcoming price performance. CoinGape Media reported that a major whale continued to bag the token amid a bull market. At the same time, given optimistic statistics, crypto market participants continue to monitor the meme coin for further price movement shifts.

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Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.