Shiba Inu Sees Burn Rate Surge by 6750%, Sparking Investor Optimism
Shiba Inu (SHIB), the popular dog-themed meme cryptocurrency, has sparked renewed investor optimism with a significant increase in its burn rate. On October 23, the burn rate soared by an astonishing 6750%, resulting in the elimination of over 27 million SHIB tokens in just 24 hours. This substantial reduction in the token supply has fueled growing expectations among market participants, who believe that the price of SHIB could rise in the long term as a result of the decreased supply.
According to data from Shibburn, the current total supply of SHIB stands at 589.26 trillion tokens. The sharp increase in the burn rate, leading to the destruction of 27.10 million tokens, indicates growing support for SHIB’s burn mechanism. This has rekindled expectations of a price surge based on the classic supply-and-demand principle. Weekly data also shows that a total of 58 million tokens have been burned, further boosting sentiment around the meme coin. As the overall supply of SHIB continues to shrink, the chances of a price increase rise, with investors now anticipating a higher price per token in the future.
Despite these positive developments, SHIB experienced some volatility on October 23, falling by 3.16% to $0.00001764. This decline is consistent with broader market trends, sparking concern among investors. Additionally, trading volume dropped to $326.60 million, a decrease of 27% over the same period. While these figures may seem discouraging, a closer look at the overall trend reveals a different story: SHIB has seen an impressive 22% price increase over the past 30 days.
Market Analysts Predict Growth Targets
Crypto analyst "Crypto Sheriff" remains confident that SHIB’s upward trend will continue, as he outlined in a recent tweet. He highlighted target levels, starting with an initial goal of $0.00002. He also forecasted a secondary target of $0.00002 and an optimistic long-term goal of $0.001, which would represent a staggering 5,471% increase. Reaching this ultimate target would be a major achievement for the token.
Technical analysis of SHIB appears even more bullish following the identification of notable patterns. According to crypto analyst Vibranium Capital, SHIB has successfully broken out above a significant resistance trendline from a symmetrical triangle formation. The token dipped below $0.00001650 before attempting to climb back up and reclaim this level as support.
In a recent TradingView post, Vibranium Capital pointed out that SHIB has completed an 800-day downtrend, with resistance from 2021 now flipping into support. This shift suggests a major technical breakthrough. While Vibranium Capital expects short-term consolidation to continue, they believe this accumulation phase will lay the foundation for a potential larger recovery. The bulls appear to be regaining control after an extended downtrend, contributing to the overall bullish sentiment surrounding SHIB.
Additionally, the Shiba Inu project has announced a new airdrop of Philtoken (PHIL) for SHIB holders, adding further excitement to the community.
