The Shiba Inu burn rate has spiked significantly in the last 24 hours as analysts predict major price moves from the second-largest meme coin by market cap. Based on these predictions, a rally to the current all-time high (ATH) of $0.00008 remains on the card for SHIB.
Shiba Inu Burn Rate Spikes By 6,750%
Shibburn data shows that Shiba Inu’s burn rate has surged by 6,750% in the last 24 hours, with 27.1 million SHIB tokens burned during this period. This is a significant development considering the positive impact the token burns could have on SHIB’s price in the long term.
The spike in Shiba Inu’s burn rate is believed to be related to the recent surge in daily transactions on Shibarium. Shibariumscan data shows the layer-2 network has witnessed a 1,000% spike in daily transactions in the last 24 hours. Shibarium recorded a daily transaction of 128,000 on October 21 and then witnessed 1.77 million daily transactions on October 22.
The number of daily transactions recorded on Shibarium is significant for the Shiba Inu burn rate because the higher the transactions, the more transaction fees the network commits to buy back and burn SHIB tokens. A sustained trend in the spike in Shibarium’s daily transactions will help provide more bullish momentum for Shiba Inu since more tokens will be burnt.
Analysts Predict Major Price Moves
Crypto analysts have predicted major moves for the Shiba Inu price, which indicates that the meme coin could still reach its current ATH of $0.00008 despite being over 70% down from this price level. Crypto analyst Javon Marks predicted in an X post that the Shiba Inu price will rally 400% from its current price.
The analyst stated that Shiba Inu has showcased a slightly positive response to a Hidden Bull Divergence pattern, suggesting that its price could be preparing to deliver more rallies. He added that with a breakout also holding, the $0.000081 target remains unchanged and that the divergence pattern likely signs a continuation of an uptrend to reach this target.
Javon Marks told market participants they could be in the early stages of a “massive continuation” of a Shiba Inu price rally to the upside. Crypto analyst FOUR predicted that Shiba Inu’s next leg to the upside could see it rally towards $0.00003260. The analyst claimed that this price rally could happen sooner than some expected.
FOUR also alluded to this bull run being a meme ‘super cycle’, remarking that the super cycle was just getting started. The analyst expects Shiba Inu to benefit from this narrative, considering its position as the second-largest meme coin by market cap.
At the time of writing, the Shiba Inu price is trading at around $0.000017, down over 2% in the last 24 hours, according to data from CoinMarketCap.
