Shiba Inu News: Over 700M Burned, SHIB Price Target $0.00004

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On April 20, 2021, there was significant interest among crypto traders and investors in Shiba Inu, a well-known meme cryptocurrency based on dogs. The coin’s weekly burn rate experienced a notable increase, coinciding with the broader crypto market’s recovery following the halving event. This surge in Shiba Inu’s weekly burn rate brought renewed optimism to the coin as its supply took a hit, leading to dynamic market developments.

In the past 24 hours, SHIB has seen a significant increase of almost 5%, creating excitement and speculation among crypto investors about its possible price movement. According to CoinGape Media’s recent analysis, there is a potential target price of $0.00004 for Shiba Inu, generating considerable interest from investors.

Let’s explore in more detail the significant factors influencing the second largest meme cryptocurrency by global market value, focusing specifically on its important cryptographic characteristics.

SHIB Weekly Burn Ignites Investor Optimism

Based on Shibburn’s observations, the Shiba Inu community recorded the destruction of approximately 714.13 million SHIB tokens in the last week, leading to a substantial 176.33% increase in weekly burn rate. With a total supply of around 589.27 trillion SHIB, this significant burn brought noticeable interest. The initial supply from which these tokens were burnt amounted to 410.72 trillion SHIB.

The main event boosting the token was its bullish factor, which led to a decrease in supply and an increase in demand and market activity. Notably, the largest transaction burning 650 million SHIB tokens took place on April 14, contributing significantly to the surge in weekly burn rates.

It’s intriguing to note that the intense burning of SHIB is seemingly fueling a price surge for Shiba Inu. On-chain data adds credence to this trend by confirming the upward movement of the token’s price.

Shiba Inu Price Soars

At present, the value of Shiba Inu token has increased by 4.67% over the last 24 hours and is priced at $0.00002306. It’s important to mention that prior to Bitcoin‘s halving on April 20, which took place recently, the SHIB token underwent significant corrections resulting in a dip below the $0.00002 mark. This event sparked considerable concern among investors. Nevertheless, as the wider crypto market started showing indications of improvement following Bitcoin’s halving, Shiba Inu’s price trend followed this upward trajectory.

Yesterday, CoinGape Media highlighted the SHIB token’s promising signs of recovery due to numerous bullish factors. Now that Shiba Inu is on an upward trend, cryptocurrency fans are excitedly discussing potential price goals for this token.

CoinGape Media’s examination brought attention to the fact that SHIB, which has been referred to as Dogecoin‘s rival, experienced significant buying pressure, causing its price to jump up to $0.0000227 in the midst of the crypto market’s recent compression. Additionally, the daily chart reveals a bullish reversal pattern, suggesting that Shiba Inu could be preparing for a surge, and this possibility is further reinforced by optimistic market conditions following the Bitcoin halving event.

Together, this propels the path forward by approximately $0.00004 more if bulls persist in their preference for the token. Yet, it’s worth noting that based on historical trends, the market might require a prolonged period of consolidation after the halving event.

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2024-04-20 08:08