As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear markets, and I must admit, the Shiba Inu (SHIB) price action is quite intriguing. The recent surge in the Shiba Inu burn rate by 450% in just 24 hours has caught my attention. This mechanism, designed to reduce the circulating supply of SHIB tokens, could indeed put upward pressure on the price, as we’ve seen with the 3% gain and a market cap of $10.48 billion.
In the context of wider market compression, the Shiba Inu coin’s price is surging again, with a growth of approximately 3%. This surge comes as the Shiba Inu burn rate increased by a massive 450% within the last day. As a consequence, roughly 2.9 million SHIB tokens have been removed from circulation, exerting an upward trend on the price.
Will Shiba Inu Burn Rate Surge Trigger SHIB Price Rally?
The SHIB burn rate is a mechanism designed to reduce the circulation of the SHIB tokens gradually over time. As a result, the development team sends some portion of the SHIB tokens to the burn address, thereby removing them permanently from circulation.
According to Shibburn statistics, there’s been a massive 450% increase in the burning rate of Shiba Inu coins over the past 24 hours. This means that approximately 2,903,600 Shiba Inu coins have been removed from circulation. Consequently, the price of Shiba Inu has risen by 3.25%, currently sitting at $0.00001778. At present, the market capitalization of Shiba Inu stands at a staggering $10.48 billion.
In other words, out of the original number of Shiba Inu tokens, around 410 trillion have been destroyed, and there are currently approximately 583 billion Shiba Inu tokens still in circulation.
Over the last seven days, the Shiba Inu coin’s value has been quite unpredictable, with repeated rejections at approximately $0.000017. Despite this volatility, it has managed to climb by 5% on a weekly basis. On a monthly scale, however, the price of Shiba Inu has soared an impressive 32%. This significant jump coincides with a robust comeback in the meme coin market as a whole, placing SHIB among the leading meme coins projected for 2024.
Analysts Flash A Bullish Signal for SHIB
As a crypto investor, I’m excited to share some insights based on Cantonese Cat’s analysis. Shiba Inu (SHIB) has caught his attention as one of the top altcoins that are currently flashing a buy signal. The reason behind this bullish outlook is primarily due to the “L3 Banker Fund Flow Trend Oscillator,” a unique indicator, which surprisingly, has issued a rare buy signal for SHIB.
The analyst also pointed out that this specific pattern was seen previously in July 2023, when SHIB‘s value fluctuated between approximately 0.000007 and 0.000008 US dollars. After the occurrence of this pattern a year ago, SHIB maintained a relatively stable price for some time before experiencing a substantial surge in February 2024, reaching an impressive 5x increase to reach $0.000045 by March.
According to a Fibonacci retracement study by a cat who speaks Cantonese, there’s a possibility that the price of Shiba Inu could experience a comparable uptrend in the near future. This could mean potential price goals to keep an eye on within the upcoming months.
The potential peak for Shiba Inu might be at the Fibonacci extension level of 1.618, approximately $0.00047. This could translate into a 30-fold increase in value. Yet, it’s crucial to note that before reaching this level, Shiba Inu needs to surmount substantial barriers, or resistance zones.
Beyond the increase in the Shiba Inu token burn rate, there are other factors that could lead to significant price movement. Additionally, whispers in the market hint at the potential introduction of a Shiba Inu Exchange-Traded Fund (ETF). Given this, analysts have grown increasingly optimistic about the outlook for the second-largest meme cryptocurrency globally.
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2024-10-09 12:54