Shiba Inu Sees 125 Million SHIB Burned in October – Is a $0.0001 Price Target Next?
Shiba Inu (SHIB) has grabbed attention after burning nearly 125 million coins in October. This substantial reduction in supply has sparked renewed optimism for SHIB’s future price movement.
As the market watches the coin’s supply shrink, many investors are now eyeing a possible rise to $0.0001. With strong ecosystem developments also underway, SHIB is becoming a focal point for crypto traders.
Monthly SHIB Burn Data Boosts Confidence, Investors Eye $0.0001 Target
In October, Shiba Inu saw nearly 125 million coins destroyed, according to data from Shibburn. This burn occurred over 85 separate transactions, significantly cutting into SHIB’s circulating supply.
On average, the burn rate amounted to 4.291 million SHIB destroyed daily. This large reduction in supply is building positive momentum for the meme coin, with traders feeling more confident about future price movements.
This isn’t the first time SHIB has seen such massive burns. In September, 349 million SHIB were also removed from circulation.
Notably, the law of supply and demand comes into play here, where the fewer tokens available, the more valuable each one potentially becomes. With the latest burn, SHIB’s total circulating supply has now dropped to around 589.26 trillion coins.
Following the significant supply cut, market watchers are now discussing whether SHIB could hit $0.0001 soon. SHIB is trading around $0.00001848, slightly down by about 1.21% over the past 24 hours.
However, despite this minor drop, the overall outlook remains optimistic. On a weekly scale, SHIB has gained about 6.49%, and this positive movement is helping to support the growing bullish sentiment.
Additionally, the continued development of Shibarium, Shiba Inu’s Layer-2 solution, has added more fuel to the fire. Shibarium’s growth this month has been impressive, and its progress has inspired greater confidence in SHIB’s ecosystem.
Many believe that if the market remains bullish and supply continues to shrink, the $0.0001 target could become a reality.
Ecosystem Growth and Strong Market Sentiment Support Price Optimism
Shiba Inu has also been gaining attention due to its strong ecosystem growth and supportive community. A recent report revealed that SHIB is one of the top cryptocurrencies being held long-term by investors.
This indicates increased market confidence in the asset, further boosting the token’s potential for future gains.
$DOGE and $SHIB communities are impressive
Both coins are held for 2.4 years on average, matching Ethereum 👀 pic.twitter.com/cqcAk3mk16
— Milk Road (@MilkRoadDaily) October 24, 2024
Lead developer Shytoshi Kusama has also played a role in maintaining excitement around SHIB. Kusama recently highlighted how SHIB has outperformed Bitcoin in some respects, adding to the growing market optimism surrounding the asset.
$SHIB Current Lifetime to Date (from all time low) 33,774,726.7%.
But again, I digress. We still have far to go and much work to be done to get the Ecosystem the respect it deserves and Treats out to the pack. So, don’t ignore Shib. Or do, until you can no longer. https://t.co/ZGyJotYpf2
— Shytoshi Kusama™ (@ShytoshiKusama) October 30, 2024
Some analysts are already setting higher price targets for SHIB, including a potential rise to $0.000081 if broader market conditions remain favorable. The upcoming U.S. elections and an overall increase in SHIB’s market cap also contribute to the positive outlook.
If SHIB surpasses the $0.000081 mark, the path to $0.0001 could open up even further. As the monthly burn rate surges and ecosystem developments continue, SHIB appears well-positioned for future gains.
