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- Shiba Inu (SHIB) experienced a 6750% surge in its burn rate, removing over 27 million tokens from circulation.
- This increase in burn activity is fueling optimism among investors.
Shiba Inu (SHIB), the well-known dog-themed meme cryptocurrency, has sparked fresh optimism among investors with a remarkable rise in its burn rate. On October 23, the burn rate increased by 6750%, which eliminated over 27 million SHIB tokens in the last 24 hours. This considerable decrease has triggered increased bullish expectations from the market players, expecting that, given the token’s reduced supply, its price may rise in the long run.
According to Shibburn, the current circulating supply of SHIB is 589.26 trillion tokens. The increase in the burn rate by 6750%, which led to 27.10 million tokens being burnt shows that more and more people are supporting the burning mechanism of SHIB. This has brought forth renewed expectations of a price surge based on the laws of supply and demand.
Moreover, the weekly data show that 58 million tokens have been burned, which also positively impacts the meme coin. With the total supply of SHIB continuously declining, the chances of a price increase are boosted since investors now expect a higher price per token in the future.
Despite these positive developments, SHIB’s price experienced volatility on October 23, dropping by 3.16% to $0.00001764. This decline is in line with other market trends, which have raised some concerns among investors. The trading volume has also decreased to 326.60 million, down 27% during the same period. While these figures may seem discouraging, a closer look at the broader trend reveals a different story. Over the past 30 days, SHIB has experienced an impressive price increase of 22%.
Market Analysts Project Growth Targets
Crypto Sheriff, a popular analyst on X, pointed out that the bullish trend is ongoing, as shown in a recent tweet about SHIB. He provided target levels, including the first price of $0.00002. The analyst also projected the next focus at $0.00002 and a very high and optimistic goal of $0.001 in the long run. Achieving this ultimate target would equate to an impressive increase of approximately 5,471%.
The targets for #SHIB are:👇🏻
TP1➡️ $0.00002
TP2➡️ $0.0002
TP3➡️ $.001 pic.twitter.com/32z0KRQwkC— CRYPTO SHERIFF (@Gem_Sheriff) October 16, 2024
The technical assessment of SHIB looks even more bullish after some remarkable patterns have been identified. According to Crypto analyst Vibranium Capital, SHIB has made a bullish breakout through a significant resistance trend line from a symmetrical triangle that was closely watched. The token fell below $0.00001650 before attempting to climb back up and retrace this level as support.
In a recent TradingView post, Vibranium Capital pointed to SHIB having fulfilled an 800-day downtrend. The trend resistance from 2021 is now flipping to become support, indicating a major technical breakdown.
While he anticipates near-term consolidation may persist, Vibranium Capital believes this accumulation phase lays the groundwork for a potential major rally. Bulls are trying to regain control after the prologued period of a bearish trend, which is contributing to the bullish tone of SHIB.
It is also worth noting. the Shiba Inuproject has announced a new airdrop of Philtoken (PHIL) for SHIB holders. As highlighted by Crypto News Flash, the airdrop campaign has allocated 10 million PHIL tokens for eligible participants, with each wallet guaranteed to receive up to 500,000 PHIL tokens.
