SHIB News: Shiba Inu Burns 1 Billion SHIB in Symbolic Milestone

The Shiba Inu Core Team has achieved a significant milestone by burning 1 billion SHIB tokens, coinciding with the launch of the enhanced Shiba Inu Burn Portal, ShibTorch V2. This event marks a pivotal moment in the cryptocurrency's journey, showcasing the team's commitment to reducing the token supply and enhancing its value.

Shiba Inu Burns 1 Billion SHIB in Symbolic Milestone

The Shiba Inu Core Team has marked a significant milestone by burning 1 billion SHIB tokens, coinciding with the launch of the enhanced Shiba Inu Burn Portal, ShibTorch V2. The burn, executed on Thursday at 4:34 p.m. UTC, involved the transfer of 1,000,148,675.028919334994574473 SHIB tokens, worth approximately $18,832.80, from the address 'Shiba Inu: Deployer 2' to a designated 'dead address' (0x00…dEaD). This transaction, publicly verifiable on the Ethereum blockchain explorer Etherscan, effectively removed the tokens from the circulating supply forever. The launch of ShibTorch V2 represents a refined tool for community-powered burns, aiming to reshape the cryptocurrency’s destiny.

Shiba Inu Burn Rate Explodes by Over 7,000%: Is the SHIB Price Ready to Take off?

Shiba Inu’s team and community removed more than one billion tokens from the circulating supply in the last 24 hours. However, SHIB’s price remains in red territory on a weekly scale. The second-largest meme coin, Shiba Inu, saw its burn rate skyrocket by approximately 7,200% in the past 24 hours. This resulted in over 1.1 billion tokens being sent to a null address. While the USD equivalent of the destroyed stash is insignificant, continuous efforts in the field will reduce the circulating supply of SHIB, making it more scarce and possibly more valuable in the future (should demand increase or remain constant). Another bullish factor worth mentioning is Shiba Inu’s exchange netflow. According to CryptoQuant’s data, outflows have exceeded inflows in the last week.

Remittix Would Need To 250x To Flip Shiba Inu (SHIB) In Market Cap; Experts Believe It’s A Matter Of Time

In the cryptocurrency market, there has always been rivalry for dominance, with projects fighting for market share, uptake, and utility. Remittix, a top cryptocurrency asset, is gaining popularity due to its creative strategy and strong use case. Analysts argue that investing in Remittix might offer significant returns, despite the ongoing discussions about Shiba Inu's pricing. Shiba Inu (SHIB) initially gained traction as a meme coin, leveraging Dogecoin's popularity, and saw substantial price increases and listings on major exchanges, benefiting early investors.

Shiba Inu (SHIB) Price Prediction For January 31

As of January 31, 2025, Shiba Inu (SHIB) is trading at approximately $0.00001814, reflecting a slight increase of 0.01971% from the previous close. The day’s trading range has seen a high of $0.00001962 and a low of $0.00001852. In March 2024, SHIB experienced a significant surge, climbing 450% to reach an average price of $0.00004567. However, this rapid ascent was followed by a decline, with prices settling around $0.000023 in January 2025. Several factors contributed to this volatility, including macroeconomic events and shifts in market sentiment. The 50-day Simple Moving Average (SMA) is currently below the 200-day SMA, indicating a bearish trend in the short term. However, the narrowing gap between these averages suggests potential consolidation and a possible trend reversal if upward momentum continues.