The SHIB coin burn rate has increased by 1500% in the last 24 hours. 33 million tokens were burned out of circulation.
The number of tokens burned increased dramatically. This has affected the supply side to pave the way for possible price appreciation.
These reductions are in the same vein as the law of supply and demand, which is bullish for the Shiba Inu.
Moreover, the weekly burn report showed a total of 44 million SHIB tokens burned. This continued burning activity has led to rising expectations among market participants for the meme token, indicating positive momentum.
SHIB Coin Price Targets $0.001 Amid Ecosystem Growth
Shiba Inu is up 2% in today’s trading, trading at $0.00002282. Some experts believe that a jump above the vital $0.000025 mark will open the door for SHIB to reach its $0.001 target this month.
The increasing token burn rate and ecosystem development suggested by market analysts are expected to remain bullish in the short term.
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New developments within the Shiba Inu community, such as the increasing use of the Shibarium blockchain, have also fueled market spirit.
Shibarium’s growing momentum as a hub for decentralized applications is also due to its potential to support a variety of use cases.
Additionally, Shiba Inu’s token burning mechanism is focused on permanently reducing the supply of assets. As tokens are removed from supply via a burn strategy, SHIB becomes scarce. Then it is more valuable and in demand.
Market participants expect that further development of the mechanism will contribute to positive market dynamics, supported by active community participation.
Moreover, the creation of the TREAT token by the lead developer Shiba Inu is another significant development.
This token will add value to the ecosystem by contributing to the long-term sustainability of the Shiba Inu.
Shiba Inu Lead welcomes a new Shibarium partner
Furthermore, the Shiba Inu ecosystem continues to grow with the integration of new projects.
PlayFi Studios, a leading developer of Web3 games, also revealed that it will publish play to earn (P2E) games on Shibarium.
This partnership offers players a great gaming experience while giving them digital incentives at the same time.
Shytoshi Kusama, lead developer of Shiba Inu, welcomed PlayFi’s move to join Shibarium, signaling the growing appeal of the ecosystem.
Shibarium has the potential to become a multi-purpose platform, which is evident in the collaboration and its position in the larger world of blockchain.
At press time, the price of SHIB coin is $0.00002284, up 0.16% in the last 24 hours.
The market capitalization is 13.45 billion dollars, and the trading volume in the last 24 hours increased by 7% to 481.84 million dollars.
