The second-biggest meme coin has been nosediving in the past several months, and it seems like only the combination of multiple positive factors could fuel a revival.
The burning mechanism is one such element, with the SHIB team and community destroying millions of tokens last month.
The Exact Numbers
According to data from ShibaBurnTracker, November saw 248 burn transactions (8.27 per day), totaling roughly 163 million SHIB permanently sent to a null address. The record date was November 26, when over 60 million coins were removed from circulation.
While the figures might sound substantial, their USD equivalent is still negligible, which means that the price of the meme coin may need much more significant efforts in that field to head north.
The program was introduced in 2022, and since then, a total of 410.75 trillion tokens have been scorched, leaving 585.26 trillion coins in circulation.
Another essential metric that may impact SHIB’s valuation is the asset’s exchange netflow. Earlier today, the amount of coins stored on centralized platforms dipped to around 81.2 trillion, representing the lowest level since the spring of 2021. This move suggests an exodus from exchanges to self-custody methods, which is considered bullish because it reduces the immediate selling pressure.
Price Predictions
Despite the slump in the past months, some analysts remain optimistic that a revival could be knocking on the door. X user $SHIB KNIGHT recently described the meme coin as one of “the strongest tokens” in the market.
“While others are slowing down, SHIB is showing real strength on every dip and pushing toward key levels. Don’t sleep on the ShibArmy momentum,” they added.
Two months ago, X user YourPOP also chipped in, forecasting that the self-proclaimed Dogecoin killer might skyrocket to a new all-time high before the end of 2025 and even urging his more than 250,000 followers to bookmark the post.
As of this writing, SHIB trades at around $0.000008032, down 90% from its ATH observed towards the end of 2021. And although the crypto space often surprises, a rally of this scale in the next four weeks seems quite unrealistic.
The post Here’s How Many Shiba Inu (SHIB) Tokens Were Burned in November appeared first on CryptoPotato.
