The SHIB coin burn rate surged by 1500% within the last 24 hours. 33 million tokens were burned out of circulation.
The number of tokens being burned increased dramatically. It has impacted the supply side to pave way for possible price appreciation.
These reductions are in the same spirit as the law of supply and demand, which is bullish for Shiba Inu.
Moreover, the weekly burn report showed a total of 44 million SHIB tokens burnt. This sustained burn activity saw growing expectations among the market participants for the meme token, indicating a positive momentum.
SHIB Coin Price Targets $0.001 Amid Ecosystem Growth
Shiba Inu price has risen 2% in today’s trading, trading at $0.00002282. Some experts believe that a surge past the vital $0.000025 mark will open the door for SHIB to achieve its $0.001 goal this month.
The token’s increasing burn rate and the development of the ecosystem suggested by market analysts are expected to remain bullish in the short term.
New advancements within the Shiba Inu community such as the increasing use of the Shibarium blockchain has also boosted the market’s spirit.
The increasing momentum of Shibarium as a hub for decentralized applications is also due to its potential to support various use cases.
Additionally, Shiba Inu’s token burn mechanism focuses on permanently reducing the asset’s supply. As tokens are removed from the supply through the burn strategy, SHIB becomes scarce. It is then more valuable and in high demand.
Market participants expect that further development of the mechanism will contribute to the positive dynamics of the market, supported by the active participation of the community.
Moreso, the creation of the TREAT token by the lead developer of Shiba Inu is another noteworhty development.
This token will add value to the ecosystem as it will contribute to the long term sustainability of Shiba Inu.
Shiba Inu Lead Welcomes New Shibarium Partner
Furthermore, the Shiba Inu’s ecosystem keeps on growing with the integration of new projects.
PlayFi Studios, a leading Web3 game developer, has also revealed that it will release play to earn (P2E) games on Shibarium.
This partnership is to offer players great gaming experience while at the same time presenting them with digital incentives.
Shytoshi Kusama, the lead developer of Shiba Inu, welcomed PlayFi’s move to join Shibarium, signaling the ecosystem’s growing appeal.
Shibarium has the potential to become a multi-purpose platform, which is evident in the collaboration and its position in the larger blockchain world.
At press time, SHIB coin price is $0.00002284, which is a 0.16% increase in the past 24 hours.
The market capitalization is at $13.45 billion and the trading volume over the last 24 hours has increased by 7% to $481.84 million.
