Shiba Inu Burn Rate Skyrockets: Is a Zero Deletion Imminent?

• Significant Increase in Shiba Inu Token Burn Rate
• Shiba Inu Price Trends and Predictions
• Will SHIB Erase a Zero Soon?
• Future Forecasts for SHIB's Price

Significant Increase in Shiba Inu Token Burn Rate

Shiba Inu$0.000010 -2.05% (SHIB) has witnessed an astounding increase in its burn rate by over 7.6 million percent, leading to the incineration of more than 8.3 billion tokens within 24 hours. A single transaction is attributed to the eradication of the majority of these coins, effectively burning over 8.2 billion SHIB tokens.

Shiba Inu Price Trends and Predictions

Despite the significant token burn, SHIB has registered a modest surge of 12% on the weekly charts, and a 13.3% increase over the previous month. Notwithstanding these gains, the token has dipped by a slight 0.6% in the last day. The stimulation behind this burn's impact on the SHIB price remains uncertain, as it coincides with a market rally wherein Bitcoin$42,260 -0.64% (BTC) surpassed the $41,000 mark, giving a thrust to other cryptocurrencies as well. SHIB is inching closer to eliminating a zero from its price tag, an achievement initially attained in August this year.

Will SHIB Erase a Zero Soon?

The removal of a zero from SHIB's price requires a further rally of approximately 10%. The token has seen a somewhat stagnant phase through most of 2023, with a relatively minor gain of about 12.2% since January 2023. Comparatively, Bitcoin (BTC) has soared by over 150% and Solana$104 5.03% (SOL) by over 500% within the same period. Memecoins as a category have largely been sidelined in 2023. Despite the successful launch of a significant layer-2 network at the start of the year, SHIB's price did not rally.

Future Forecasts for SHIB's Price

As per PricePredictions, it is expected that SHIB's price will experience a drop over the next few days. The platform does not foresee SHIB erasing a zero this year, with a predicted fall to $0.00000898 by December 11, 2023, which is roughly a dip of 1.2% from its current price. CoinCodex shares a similar outlook, predicting that SHIB's price might hit $0.00000907 on December 11, 2023, signifying a dip of 0.2% from its current levels.

Edited by Jonathan Stoker