Meme coin Shiba Inu (SHIB) is showing signs of a strong rally after a period of sideways trading earlier in the week. Particularly, SHIB is now reveling in bullish sentiment, driven by an impressive increase in its burn rate and a significant boost in social sentiment. With these indicators aligning, one analyst is forecasting a potential 200% jump in SHIB’s price over the coming weeks and months.
Shiba Inu Burn Rate Jumps By 367%; Sentiment Shows FOMO Might Be Coming
According to data from Shibburn.com, the burn rate of SHIB, a process that permanently removes tokens from circulation to create scarcity, has seen an uptick amidst the price increase.
Data shows that 11.69 million SHIB tokens were burned in the past 24 hours, an increase of 367.39% from the previous day. This dramatic rise in burns is one of the most bullish signals for Shiba Inu, as it reduces the overall supply, potentially driving up the token’s value as demand remains steady or increases.
At the same time, social sentiment surrounding Shiba Inu has exploded, indicating a renewed interest in the token. According to data from crypto analytics platform Santiment, meme coin SHIB, alongside DOGE, is witnessing the highest mentions on social media platforms. Metrics show that conversations about SHIB across social media platforms have increased dramatically, with many users voicing renewed optimism about a price rally.
Particularly, this has seen the discussion rates of SHIB reach their highest level in five months. Positive sentiment like this often correlates with buying pressure as retail investors start to FOMO and flock to the asset, thereby pushing the price upward.
Lucie, the Shiba Inu marketing lead, also emphasized a notable surge in various key metrics across the Shibarium network, with the number of new transactions showing a significant leap this week.
Analyst Predicts 200% Price Jump For Shiba Inu
According to an analysis on TradingView, SHIB is on the way to a significant price increase in light of the recent bullish momentum. The analyst, known by the name MMBTtrader, is particularly optimistic, suggesting that SHIB is still on course for a massive 200% surge from a support around $0.00001431. MMBTtrader’s analysis points to a price target near $0.0002578, which would bring SHIB much closer to its yearly high.
At the time of writing, SHIB is trading at $0.0000193 and is up by 2.5% and 7.9% in the past 24 hours and seven days respectively. As FOMO builds among investors, there’s growing speculation that SHIB could break new yearly highs before the close of 2024.
If current trends continue, the combination of rising social sentiment, network activity, and an increase in burn rates could make SHIB one of the standout performers in the altcoin market heading into the new year.
Featured image from Pexels, chart from TradingView