SHIB Could Remove Some Zeros in May? High Burn Rate and Historical Trends Fueling Price Rise

Shiba Inu once again becomes the center of attention as its community rises with its intensified token burning efforts. These efforts coincide with market data suggesting a strong bullish potential in May. At the time of the press release, SHIB is trading at $0.00001527, rising 13.22% and 13.66% over the past 24 hours and the past week. This further increases hopes that this token will eventually drop another zero, a feat it achieved briefly before retracting. In addition to the enthusiasm, the SHIB CEO has posted a more optimistic ambition for the memecoin. In a post on the X platform, LUCIE declared; Confirmation: Shib is about to rise 1000% in 3 days More SHIB tokens are being burned. According to data from the Shibburn wallet tracking tool, the weekly token burning rate of SHIB has skyrocketed to an astonishing 358.82%, due to 329,633,128 SHIB being destroyed in just the past seven days. The largest token burning event during this period accounted for 263.7 million SHIB, permanently removed from circulation. Although the daily token burning rate has recently dropped to a alarming level of -97.49%, prior to that, the figure had skyrocketed to 468,968% in just one day, thanks to the community burning nearly 19 million SHIB. These burning events contribute to the broader trend of reducing supply. Of the initial one trillion Shiba Inu tokens, 410.7 trillion have been burned, including 500 trillion sent to dead wallets by Ethereum co-founder Vitalik Buterin in May 2021. As of now, approximately 584.4 trillion SHIB are still in circulation. Token burning reduces supply, potentially driving scarcity and consequently prices. The historical performance of SHIB in May provides additional reasons for optimism. Data from Cryptorank shows that the average profit in May over the past four years is 61%. The most notable month was May 2021, when SHIB surged by 355.4%, while May 2024 saw a modest yet encouraging increase of 13%. Despite the optimistic sentiment, the SHIB team is urging caution. Lucie, the official marketing lead of the project, recently warned the community about the rise of cryptocurrency scams targeting SHIB holders. She emphasized the importance of adhering to basic security measures and the cryptocurrency mantra "DYOR" (Do Your Own Research), especially when interacting with new projects or giveaways related to the SHIB ecosystem. Although the current momentum may not be enough to eliminate the 0 level, the combination of a strong token burning strategy, a favorable historical trend, and a growing community could set the stage for a significant bullish wave. If SHIB manages to build on the recent gains and maintain buying pressure throughout May, the long-discussed milestone of cutting the 0 from its price may not be far off.