TLDR
- SHIB token hits $0.00003, marking highest price level since April 2024
- Token burn rate up over 7,400% with nearly 1,000% weekly increase
- Whale investors accumulate 393.48 billion tokens worth $9.8 million
- Shibarium network reports 541 million transactions milestone
- Price predictions range from $0.000037 to $0.00006104 by December 5
The popular cryptocurrency Shiba Inu has captured market attention with its latest price rally, pushing beyond $0.00003 in early December 2024. The token’s upward movement coincides with a massive increase in burn rates and growing whale activity, marking its strongest performance since April.
Trading data reveals SHIB’s price jumped 17.7% in 24 hours while maintaining a 30% gain over the past week. The movement comes amid broader market optimism and increased activity within the Shiba Inu ecosystem.
Recent reports highlight an extraordinary surge in token burns, with rates increasing by over 7,400%. This reduction in circulating supply represents one of the largest coordinated burn events in the token’s history, bringing the total supply down to 589.2 trillion tokens.
Shiburn, a platform tracking SHIB token burns, reported a 984.26% increase in burn activity over seven days. These burns play a crucial role in the token’s economics by permanently removing coins from circulation, potentially increasing scarcity.
The Shibarium network, Shiba Inu’s Layer-2 blockchain solution, continues to show strong performance metrics. Recent data indicates the network processed more than 541 million transactions, demonstrating growing adoption and utility within the ecosystem.
Transaction fees on Shibarium, collected in BONE tokens, contribute to the burning mechanism. The system converts a portion of these fees to SHIB tokens before burning them, creating a sustainable reduction in supply over time.
BONE’s role extends beyond transaction fees, serving as the governance token for the Doggy DAO. This structure allows SHIB holders to participate in decision-making processes affecting the ecosystem’s future development.
Market watchers noted increased whale activity during the rally. Data from IntoTheBlock shows large holder netflow increased by 256% on November 21, with whales accumulating 393.48 billion SHIB tokens valued at approximately $9.8 million.
This accumulation marks a sharp reversal from previous trading patterns, where the market saw selling pressure of around $6 million. The shift suggests changing sentiment among large-scale investors.
Analysts have shared varying predictions for SHIB’s price trajectory. Ali Martinez posted on X, suggesting a potential rise to $0.000037, representing a 54% increase from the time of prediction. Another analyst, Javon Marks, projected a more ambitious target of $0.000081.
CoinCodex’s analysis points to a possible price point of $0.00006104 by December 5, 2024, though they caution this level might face resistance. Their models suggest prices could return to current ranges by mid-December.
The token currently shows mixed short-term performance, with a 3.8% decrease over 24 hours while maintaining strong longer-term gains. Year-over-year data indicates a 254.8% increase since December 2023.
Monthly performance metrics remain positive, with SHIB posting 67.3% gains over 30 days and 18.4% growth in two-week timeframes. These numbers suggest sustained buying pressure despite short-term volatility.
Bitcoin’s price movement continues to influence market sentiment. Recent approaches toward $100,000 have created positive momentum across cryptocurrency markets, though Bitcoin’s 3.4% decline from its peak of $99,645.39 on November 22 has introduced some uncertainty.
Trading volumes remain stable as SHIB tests resistance at the $0.00003 level. Market participants watch this level closely as it represents a key psychological and technical barrier.
The Shiba Inu ecosystem’s development continues beyond price action. The project, which began as a community-driven cryptocurrency inspired by Dogecoin, has evolved to incorporate more utility-focused features.
Current market conditions suggest ongoing volatility, with price movements remaining sensitive to broader crypto market trends and specific ecosystem developments.
The most recent data indicates steady trading activity as market participants evaluate SHIB’s position at current price levels.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
