Shiba Inu Price Soars Despite 84% Decline in SHIB Burn Rate

Shiba Inu price, a popular meme-based cryptocurrency, has gained significant momentum amid market optimism this month, especially with Bitcoin increasing to $100,000. The token recently surged past a key level despite a double-digit decline in the SHIB burn rate. Over the past year, Shiba Inu price has skyrocketed by 260%, reflecting its robust community support and market resilience. With bullish sentiment mounting, the coin is setting sights on a potential milestone by the end of 2024.

Shiba Inu Price Increases Amid an 84% Plunge in SHIB Burns

The Shiba Inu price has experienced a remarkable surge despite a significant decline in its token burn rate. Over the past month, the meme coin has gained over 70%, with a 17% increase in the last week. This impressive price momentum comes as SHIB’s burn rate dropped by a staggering 84% in the past 24 hours, with only 62,005,008 SHIB tokens burned. The sharp contrast between the rising price and the reduced burn rate has sparked interest and speculation among the cryptocurrency community.

Token burns have been a cornerstone of Shiba Inu’s strategy to reduce circulating supply and boost value over time. Despite the current drop in burns, the strong price performance indicates heightened market demand and investor interest. 

Source- Shibburn

How High Can SHIB Price Go In Dec After Soaring Above $0.00003?

At the time of writing, the SHIB price has reached approximately $0.00003009, gaining strong bullish traction in the markets. Bitcoin trades above $96,000, while Ethereum maintains its position above $3,600, reflecting a broader crypto market upswing.

The Shiba Inu price prediction is witnessing a significant surge in price momentum. Analysts suggest that if the ongoing rally sustains, SHIB might test its critical resistance at $0.000037. If the token surpasses the resistance level, it could pave the way for a rally toward $0.00005 by the end of 2024.

Source: X

Shiba Inu’s resilience and price surge highlight its growing market demand despite declining burn rates. With strong community support and bullish market trends, the Shiba Inu remains a token to watch, potentially achieving new milestones by the year’s end.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.