According to Shiba Inu (SHIB) burn tracker Shibburn, 44.62 billion SHIB tokens were burned in 2024. The value of 44.62 billion SHIB is roughly a little more than $1 million.
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Did The Burning Of 44.62 Billion Shiba Inu Lead To A Price Increase?
Source: Watcher Guru
There are about 589 trillion SHIB tokens in circulation. Burning 44.62 billion tokens is barely a dent when compared to the total. The total burns are unlikely to have made any significant difference to SHIB’s price. Most of the burns are likely from transaction fees.
SHIB’s burn initiative has destroyed billions of tokens till now. However, the number of tokens destroyed has seldom led to a price spike.
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How High Will The Dog-Themed Crypto Go In Q1 2025?
According to CoinCodex, SHIB’s price will spike to a new yearly high of $0.00004820 on Jan. 7, 2025. Hitting $0.00004820 from current price levels will entail a rally of about 113.56%. Despite the bullish projection, CoinCodex does not anticipate SHIB’s price to hold above $0.00004. The platform anticipates a major correction soon after. CoinCodex anticipates the popular memecoin to fall below $0.00002 by the end of this quarter.
Source: CoinCodex
Changelly also presents a similar outlook for Shiba Inu (SHIB). The platform anticipates SHIB to hit $0.0000471 on Jan. 6, 2025. Like CoinCodex, Changelly does not anticipate the asset’s price to hold. Changelly analysts predict SHIB’s price to fall to an average of $0.0000223 in February 2025.
Source: Changelly
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SHIB’s price could take off if the project can undertake another massive burn initiative. The asset’s massive supply is one of the most significant barriers to its price. The SHIB team is reportedly working on a new burn mechanism, which is rumored to destroy trillions of tokens yearly. If successful, the initiative could lead to a much-awaited price spike.
