The Shiba Inu Price Set to Rise as SHIB Burn Rate Surges
The Shiba Inu price is expected to increase as momentum builds. This positive outlook is based on two key factors: a significant rise in the trading volume of the meme coin and a substantial increase in the amount of SHIB being burned daily.
SHIB Burn Rate Soars Over 1,300%
In the past 24 hours, the burn rate of SHIB has skyrocketed, indicating a potential surge in the Shiba Inu price. The community initiative aimed at reducing the cryptocurrency’s supply has regained momentum after slowing down earlier this month.
Data from Shibburn, a Shiba Inu burn tracking website, reveals that between Wednesday and Thursday, billions of tokens were sent to the burn address. As a result, over 172 billion tokens have been incinerated, leading to a remarkable 1,347% increase in the burn rate within a day. More than 50 wallets have contributed to the burn value.
Furthermore, the weekly burn figures have also experienced a significant rise. In the past week alone, over 732 billion SHIB tokens have been burned, representing a 47.54% increase compared to the previous week.
The Stars Align for Shiba Inu Price
Following the surge in the SHIB burn rate, there is potential for a turning point in the performance of the Shiba Inu price. The 1,347% increase in burn rate suggests increased participation from holders, but it’s not the only indicator of a potential recovery.
Over the past day, daily trading volume has also risen alongside the burn rate. CoinMarketCap data shows that Shiba Inu’s volume has increased by over 23% during this period. This coincides with a time when the meme coin is struggling and may have reached a local peak just above $0.0000071, potentially establishing strong support for bullish momentum.
Considering the recent performance of the Shiba Inu price, a quick recovery could result in a climb of over 10%. This would bring the SHIB price to around $0.000008, where bulls and bears would battle for control. If bulls prevail, the token could retest $0.000009, while if bears dominate, SHIB may correct downward to retest support at $0.0000071.
Currently, the Shiba Inu price sits at $0.0000072 with a market cap of $4.28 billion, making it the 19th-largest cryptocurrency in the industry.
Hot Take: Shiba Inu’s Burning Trend Fuels Price Upside Potential
The recent surge in SHIB burn rate and increased trading volume provide favorable conditions for the Shiba Inu price to rise further. The community’s active participation in burning tokens has contributed to the reduction of supply, potentially driving up demand and creating upward pressure on the price.
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