Shiba Inu price is much awaited to reach the $0.01 mark, with recent developments igniting optimism toward the monumental feat. Against the backdrop of a staggering 1.1 billion SHIB tokens burn in January and recent ecosystem advancements, market watchers are highly bullish on the dog-themed meme coin. The meme coin’s price currently faces critical resistance at $0.00002, a key barrier to achieving further upside levels.
Shiba Inu Price Brims With Optimism Amid Massive Token Burn
Shiba Inu price’s long-term prospects remain optimistic, primarily attributed to the constant SHIB burns. According to the tracker Shibburn’s statistics, 1.16 billion tokens were burned in the month of January.
Source: Shib Burn Tracker
This marks a significant 37.52 million coins burnt on average per day. As a result, traders and investors remain bullish on Shiba Inu’s price amid the asset’s reduced supply, mirroring the law of supply and demand.
Weekly Burn Surge Weighs In
Further, the weekly burn rate for the meme coin was up by 2104.39%, highlighting the constant burns dealing a blow to the circulating supply. Notably, 1.13 billion tokens were burnt in the past seven days, aligning with the massive monthly burn.
IS SHIB Price To $0.01 Possible Amid Constant Burns?
At the time of reporting, Shiba Inu price witnessed a drop of nearly 2% and was trading at $0.00001875. Its intraday low and high were $0.00001858 and $0.00001964, respectively. The current price movement confirms the resistance point at $0.00002. Meanwhile, it’s noteworthy that the meme coin briefly topped this level in mid-January. However, the price is currently down 18% MoM.
Nevertheless, a recent SHIB price analysis by CoinGape weighed further optimism in light of the massive burn. Despite the asset’s consolidation, constant supply reduction could aid the token in pushing above $0.00002, even paving the way for a run to $0.01.
However, a $0.01 target remains out of the question for now, as also clarified by the SHIB community’s site. Nevertheless, the meme coin continues to showcase the potential to offer investors remarkable gains.
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