Shiba Inu Burn Rate Soars by 10,990%: Will SHIB Reach $0.00006?

According to Shiba Inu’s (SHIB) burn rate tracker, Shibburn, SHIB’s burn rate has skyrocketed by an astonishing 10,990%. The platform reported that one particular transaction alone burned over 21 million SHIB tokens, marking a significant increase in the token’s deflationary activity.

The surge in the SHIB burn rate can be attributed to heightened activity within the ecosystem. Additionally, the SHIB community has initiated various burn campaigns, further accelerating the burn rate. As demand grows, this could potentially drive prices higher.

Can Shiba Inu (SHIB) Reach $0.00006? Examining the Burn Rate and Price Predictions

Shiba Inu’s (SHIB) burn rate has rarely led to a significant price increase, primarily due to its massive circulating supply of around 589 trillion tokens. The number of tokens burned is relatively small compared to this vast supply, making a price surge unlikely. Despite this, SHIB enthusiasts and investors remain hopeful for higher prices.

According to CoinCodex, SHIB could reach $0.00006131 by June 25, 2024, which would represent an increase of nearly 157% from current levels. Furthermore, they forecast SHIB hitting $0.00008336 by July 2, 2024, marking a potential rise of about 250%.

• Current Circulating Supply: Approximately 589 trillion tokens
• Potential Price on June 25, 2024: $0.00006131 (157% increase)
• Potential Price on July 2, 2024: $0.00008336 (250% increase)
• Previous All-Time High: $0.00008616 in October 2021

If SHIB reclaims the $0.00008 level, it could reach a new all-time high. The cryptocurrency is currently down by over 72% from its peak in October 2021. Changelly also predicts a rally, expecting SHIB to hit $0.00003713 by June 10, 2024, a potential 55.6% increase from current prices.

Despite the challenges posed by its large supply, optimistic projections suggest significant potential for price gains in the coming months.