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- Hey Square fam! How many Alpha points have you racked up lately?
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Shiba Inu's Burn Rate Soars 144.223%: Will SHIB Reach $0.00005?
The burning rate of Shiba Inu (SHIB) has skyrocketed by 144,233.06%. The project's burning mechanism has sent over 2 billion SHIB tokens to dead wallets. A specific transaction is responsible for most of the burns.
Price fluctuations of Shiba Inu
SHIB has reclaimed the $0.00003 price level once again. The asset has increased by 24.1% on the weekly chart, 23.7% on the 14-day chart, 80.2% compared to last month, and 231.4% since December 2023. Despite the upward trend, the price of SHIB has decreased by 0.5% in the past 24 hours. The recent burn may be the cause of the latest price increase of SHIB. The cryptocurrency market is also witnessing a surge in altcoin prices. TRON (TRX) and BNB have reached new record highs earlier today, and other altcoins are also experiencing significant gains. The increase in altcoins could be due to Grayscale's application for Solana ETF and WisdomTree's application for XRP ETF. Bitcoin (BTC) consolidating at $96,000 could also encourage investors to transfer their money to other assets, such as SHIB and other altcoins. Can a cryptocurrency themed after dogs reach the next level of $0.00005?
According to CoinCodex, Shiba Inu (SHIB) could skyrocket to 0.00006049 dollars on December 7, 2024. Reaching 0.00006049 dollars from the current price would lead to a 99.44% increase. CoinCodex does not predict that the price of SHIB will hold above 0.00006 dollars. The platform predicts that the asset will drop below 0.00003 dollars by the end of this month. Changelly analysts also paint a similar picture for SHIB. The platform predicts that SHIB will reach $0.00006 on December 7, 2024. Like CoinCodex, Changelly also predicts that the price of SHIB will drop to its current level by the end of this month.
Shiba Inu (SHIB) may not face a correction and continue to rise in the coming weeks. Bitcoin (BTC) may soon surpass $100,000 and reach a new all-time high, and in such a scenario, the price of SHIB may also rise to a new high.