Shiba Inu Burn Rate Skyrockets by 450%, Will SHIB Price Surge to $0.0001 Next?
In the current landscape of market consolidation, the SHIB Price has surged by over 3% due to a significant increase in the Shiba Inu burn rate, which has risen by 450% in the last 24 hours. This surge has led to the elimination of over 2.9 million SHIB coins from circulation, resulting in upward price pressure. The SHIB burn rate serves as a mechanism to gradually reduce the circulation of SHIB tokens over time by transferring a portion of the tokens to a burn address, permanently eliminating them from circulation.
Overview of the SHIB Burn Rate
According to Shibburn data, the Shiba Inu burn rate has increased by 450% in the last 24 hours, removing 2,903,600 coins from circulation. As a result, the SHIB price has increased by 3.25%, with a market cap of $10.48 billion. A total of 410,730,861,486,725 SHIB tokens have been burned from the initial supply, leaving 583,516,038,997,683 SHIB tokens in circulation.
Read Also: Is the US on the Verge of Approving an XRP ETF Following Canary Capital’s Filing? Expert Opinion
Despite encountering resistance at a specific price point, the SHIB price has shown significant volatility over the past week, with a 5% increase on the weekly chart and a substantial 32% surge on the monthly chart, positioning SHIB as one of the top meme coins for 2024.
SHIB Technical Analysis
Crypto analyst Cantonese Cat has identified Shiba Inu (SHIB) as one of the top ten altcoins displaying a buy signal, based on the “L3 Banker Fund Flow Trend Oscillator,” which has issued a rare buy signal for SHIB.
The analyst’s analysis, utilizing Fibonacci retracement levels, suggests that Shiba Inu may be poised for an upward movement, potentially reaching price targets in the upcoming months. The ultimate price target for Shiba Inu is at the 1.618 Fibonacci extension level, approximately $X, which could result in a 30x gain. However, the analyst emphasizes that SHIB must overcome significant resistance zones to reach this target.
Apart from the surge in the Shiba Inu burn rate, other catalysts, such as market speculations hinting at the possibility of a Shiba Inu ETF entering the market, are potentially triggering strong price action and further bolstering bullish sentiment for the meme coin.
Read Also: Price Prediction: Expert Trader Forecast When XRP Will Surge 2x to 5x
Follow us on Twitter, Facebook, Telegram, and Google News
Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
