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Shiba Inu burn

Shiba Inu Burn Rate Jumps 6,750% In 24 Hours As Analysts Predict Major Price Moves, Is $0.00008 Still Possible?

Scott Matherson
by Scott Matherson
11 months ago
·
Posted in Altcoins, Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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. 

Related Reading: Analyst Predicts Dogecoin Price Will More Than Double To $0.37, The Timeline Will Shock You

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. 

Related Reading: Dogecoin Price Replicates ‘Reversal Box’ Move From 2020, What Happens Next?

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. 

Shiba Inu 1
Source: X

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. 

Shiba Inu 2
Source: X

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. 

Shiba Inu price chart from Tradingview.com
SHIB price struggles at $0.000017 | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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