Amid the broader market consolidation, the SHIB Price is once again picking up pack gaining over 3% as the Shiba Inu burn rate soared by 450% in the last 24 hours. As a result, more than 2.9 million SHIB coins have moved out of circulation thereby putting an upward price pressure.
Will Shiba Inu Burn Rate Surge Trigger SHIB Price Rally?
The SHIB burn rate is a mechanism designed to reduce the circulation of the SHIB tokens gradually over time. As a result, the development team sends some portion of the SHIB tokens to the burn address, thereby removing them permanently from circulation.
As per the Shibburn data, the Shiba Inu burn rate has surged by 450% in the last 24 hours. Thus, a total of 2,903,600 coins moved out of circulation with the SHIB price reacting positively to it. At press time, the Shiba Inu price is trading at 3.25% up $0.00001778 with a market cap of $10.48 billion.
Thus, 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.
Over the past week, the SHIB price has remained largely volatile and has been facing rejection at $0.000017. However, on the weekly chart, it is still up by 5%. But on the monthly chart, the Shiba Inu price has surged by a staggering 32% amid a strong resurgence in the entire meme coin sector. This puts SHIB on the list of top meme coins for the year 2024.
Analysts Flash A Bullish Signal for SHIB
Crypto analyst Cantonese Cat named Shiba Inu (SHIB) among the top ten altcoins that flash a buy signal from here. The key indicator behind this bullish outlook is the “L3 Banker Fund Flow Trend Oscillator,” which has issued a rare buy signal for SHIB.
The analyst further added that this signal last appeared in July 2023 when the SHIB price was trading in the range of $0.000007 and $0.000008. Following that signal last year, SHIB remained steady for several months while experiencing a significant rally in February 2024, seeing a 5x increase in the price all the way up to $0.000045 by March.
Cantonese Cat’s analysis, based on Fibonacci retracement levels, suggests that Shiba Inu may be heading for a similar upward movement, indicating potential price targets in the coming months.
The ultimate price target for Shiba Inu is at the 1.618 Fibonacci extension level, around $0.00047, which could lead to a 30x gain. However, the analyst warns that while this target is attainable, SHIB must first overcome significant resistance zones to reach it.
Apart from the Shiba Inu burn rate surge, there are other catalysts to trigger strong price action. Recent market speculations also suggest the possibility of a Shiba Inu ETF coming to the market. As a result, analysts have turned further bullish for the world’s second-largest meme coin.
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