- Shiba Inu burn rate spikes over 1,000%, removing 6.7M tokens from circulation.
- ShibOS launch strengthens SHIB’s position in the Web3 ecosystem.
- Resistance at $0.00002 remains critical for sustained bullish momentum.
Shiba Inu (SHIB) continues to face short-term volatility, with its price fluctuating around $0.00002. Despite these challenges, recent developments, including a surge in burn rates and the introduction of ShibOS, point to its strong long-term potential.
Recent market data shows that SHIB’s trading volume has increased by 40.94% in the past 24 hours, signaling renewed investor activity. The token’s fundamentals and community-driven efforts continue to suggest a positive outlook.
SHIB Burn Rate Explodes, Supply Shrinks
A significant milestone for Shiba Inu came with a 1,000% surge in its burn rate, removing 6.7 million tokens from circulation. Burn mechanisms permanently reduce supply by transferring tokens to inaccessible addresses, creating the potential for price growth.
The recent surge in Shiba Inu’s burn rate could positively impact SHIB’s price, as reducing the supply typically boosts its value, provided demand remains strong. As of January 24, the burn tracker Shibburn recorded an intraday burn rate spike of 1,041%.
Crypto analyst Rananjay Singh noted that the price may rise as the supply of a coin decreases yet demand stays strong. Looking at the current volatility in the market, Singh’s view gives SHIB investors some hope.
ShibOS Strengthens SHIB’s Web3 Prospects
The launch of ShibOS, a blockchain-based operating system, marks a positive step in Shiba Inu’s transition from a meme coin to a serious player in the Web3 space. ShibOS is built to connect Web2 and Web3 technologies, drawing in developers and projects, and making SHIB’s decentralized ecosystem stronger.
Industry experts view this development as critical to the token’s long-term adoption. Prominent investor Mark Cuban also praised SHIB’s community and developmental focus, further boosting sentiment.
Related: KuCoin Lists New Shiba Inu Ecosystem’s TREAT Token, Set for Public Trading
SHIB’s Market Outlook and Prediction
Even with all the good news, SHIB has a few hurdles to climb, since falling 1.6% over the past day. Shiba Inu has been trading at a loss of 14% and 11% in the past week and month.
The token’s sideways trading pattern suggests consolidation, with support levels at $0.00001923 and $0.000017. Breaking the $0.00002 resistance is crucial for a bullish trajectory.
Related: Shiba Inu Burn Rate Surges 12,670%: Can SHIB Price Double Soon?
According to InvestingHaven, SHIB shows remarkable long-term potential despite facing short-term resistance. Price targets for 2025 range between $0.0000743 and $0.0000888, signaling strong growth prospects.
This long-term optimism is fueled by the ongoing developments within the Shiba Inu ecosystem, such as the ShibOS launch. Meanwhile, whale activity, such as a recent transfer of 220 billion SHIB worth $4.63 million, indicates confidence in the token’s potential.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
