Shiba Inu Burn Rate Soars 294% Amid Price Drop, Traders Eye $0.0000444 Target by December

Shiba Inu's burn rate has skyrocketed by 294%. In just the last 24 hours, 56.3 million SHIB tokens have been taken out of circulation. But despite this impressive number, the price of SHIB has dropped by 9%. Traders are now speculating that SHIB could reach $0.0000444 by mid-December. The outlook for 2025 is even more bullish.

Right now, Shiba Inu (SHIB/USD) is priced at $0.00002889, with a market cap of $17 billion. Over the past 24 hours, it has seen a decline of 9.5%. However, in the last week, it’s managed to climb by 13.2%. For comparison, Dogecoin (DOGE/USD) is trading at $0.4177, with a market cap of $61.4 billion. It’s down 3.2% in the last 24 hours but up 3.2% over the week. Pepe (PEPE/USD) is currently at $0.00001993, with a market cap of $8.4 billion. It has dropped by 10.9% in the past day but has seen a 4.3% increase over the week.

InvestingHaven believes SHIB could hit $0.0000444 by mid-December. They suggest that a price retracement might actually set the stage for a bullish trend in 2025 if that target isn’t met. Another trader thinks SHIB is breaking out of a four-year downtrend, which could bring it closer to its all-time high. TraderSZ emphasizes the need to keep an eye on critical support levels.

According to IntoTheBlock, there’s been a 355.2% increase in large transaction volumes. Daily active addresses have jumped by 87.7%. Transactions over $100,000 surged from 437 to 1,776 in a single day. Following a recent rally, 74% of SHIB holders are currently in profit, while 7% are at breakeven. Shibburn reports that 56.3 million SHIB tokens have been burned in the last 24 hours, leading to a 294.8% increase in the burn rate. Additionally, Shibariumscan shows daily transactions rising from 4.67 million to 4.74 million within just one day.

As for technical analysis, Benzinga notes that Shiba Inu's relative strength index (RSI) is at 75. This indicates that the meme coin is currently in overbought territory.