Shiba Inu Token (SHIB) Burns Over 8.3 Billion Tokens in the Past 24 Hours

Introduction

Shiba Inu (SHIB) has experienced a staggering burn rate of over 760% in the past 24 hours, destroying more than 8.3 billion tokens. In a particular transaction, a significant portion of the tokens were removed, resulting in the incineration of over 8.2 billion SHIB tokens.

Market Performance

Despite a 12% increase on the weekly chart, Shiba Inu's price has fallen by 0.6% in the past 24 hours. The upward momentum may be attributed to the overall cryptocurrency market surge, led by Bitcoin (BTC) surpassing $41,000. SHIB is expected to eliminate the decimals in its price by August this year.

The Possibility of Removal of a Zero

Will Shiba Inu Token remove a zero in its price soon? In order to eliminate the zero-gain since August, SHIB must increase by approximately 10%. Unfortunately, SHIB has struggled throughout most of 2023, with only a modest 12.2% increase since January. Meanwhile, Bitcoin (BTC) has surged over 150%, and Solana (SOL) has experienced more than a 500% rise in the same period. Overall, Memecoins have taken a backseat in 2023. Despite the introduction of a significant Layer 2 network earlier this year, SHIB's price has not seen a substantial surge.

Price Predictions

PricePredictions forecasts a dip in SHIB's price in the coming days. The platform predicts that SHIB will not remove a zero this year. According to their prediction, by December 11th, 2023, SHIB will decline to $0.00000898, representing a decrease of approximately 1.2% from the current levels. CoinCodex also shares a similar view, expecting SHIB to remain with its current price without removing a zero this year. They forecast a price of $0.00000907 by December 11th, 2023, reflecting a 0.2% decrease from the current levels.

Conclusion

Despite the recent surge in burn rate, Shiba Inu Token (SHIB) faces challenges in its price performance. While some other cryptocurrencies have experienced significant growth, SHIB has struggled to maintain a substantial increase. The market dynamics and the overall performance of the cryptocurrency market will ultimately determine the future of SHIB's price.

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