SHIB Burn Rises by Over 4800%, Fuelling Enthusiasm for a Target Breakthrough Ahead
Shiba Inu token has recently attracted significant investor attention despite experiencing a correction on July 18. This has been driven by a sharp 4822% increase in the burn rate, resulting in the elimination of millions of coins from the token supply. This has led to speculation in the market about a potential price target of $0.0000429 for Shiba Inu.
SHIB Burn Spark Optimism
The surge in the burn rate, as reported by the tracker Shibburn’s data, reached nearly 4822.88% in a single day, leading to the destruction of 44.30 million coins within 24 hours. This has brought the total number of burnt coins from the initial Shiba Inu supply to 410.727 trillion, while the total supply at present stands at 589.27 trillion coins.
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The Shiba Inu community has implemented the token burn mechanism to address the meme coin’s sluggish performance, primarily attributed to its excessive supply. However, despite this positive development, the meme coin experienced a decline in value today, reflecting broader market trends and large SHIB selloffs due to the WazirX hack. Following the hack, the exploiter sold 5.43 trillion SHIB for 26,535 ETH, worth $92 million.
Price Action and Performance
As of the latest update, the SHIB price has decreased by 8.66% to reach $0.00001744, with 24-hour lows and highs recorded at $0.00001692 and $0.00001918 respectively. A recent SHIB price prediction by CoinGape Media suggests that the token may be forming a bullish reversal pattern known as the rounding bottom on the weekly time frame, signaling the end of a downtrend driven by renewed buying interest.
Based on this pattern, it is speculated that the meme coin could potentially reach a price target of $0.0000429 by the end of the month, further supported by the SHIB burn activity.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
