Amid the overall market consolidation, Shiba Inu (SHIB) has experienced a price surge of 3% in the last 24 hours. This spike is driven by a 450% increase in the SHIB burn rate, resulting in the removal of 2.9 million SHIB tokens from circulation, creating upward price pressure.
Details of the Burn Rate Surge
The Shiba Inu burn rate mechanism is designed to gradually reduce the circulating supply of SHIB tokens. The development team sends a portion of SHIB to a burn address, permanently removing them from circulation.
Price and Market Changes
With the burn rate increase, a total of 2,903,600 SHIB tokens have been taken out of circulation, leading to a positive price reaction. Currently, Shiba Inu is trading at $0.00001778, reflecting a 3.25% increase and bringing its market cap to $10.48 billion.
To date, 410.73 trillion SHIB tokens have been burned from the initial supply, reducing the circulating supply to 583.5 trillion. Over the past week, SHIB’s price has seen volatility, getting rejected at the $0.000017 level. However, SHIB has risen by 5% on the weekly chart and by 32% over the past month, thanks to a resurgence in the meme coin sector.
Analysts’ Views
According to crypto analyst Cantonese Cat, Shiba Inu is currently one of the top ten altcoins signaling a buy opportunity. This bullish outlook is supported by the rare “L3 Banker Fund Flow Trend Oscillator,” which is flashing a buy signal for SHIB. Cantonese Cat noted, “We’ve seen this signal trigger significant upward moves for SHIB in the past.”
The analyst’s Fibonacci retracement analysis suggests that Shiba Inu could be entering another bullish phase, with potential price targets in the coming months. The ultimate price target is around $0.00047, a 1.618 Fibonacci extension level, which could result in a 30% gain. However, the analyst cautions that SHIB must overcome key resistance zones to reach this target.
Future Catalysts for Shiba Inu
In addition to the burn rate increase, other factors could influence Shiba Inu’s price movements. Recent speculation suggests that a Shiba Inu ETF may be on the horizon. This possibility has further fueled analysts’ bullish expectations for the world’s second-largest meme coin.
Investors are optimistic that SHIB’s increased burn rate, combined with positive signals from analysts and potential ETF developments, could boost its performance in the future. These developments suggest that Shiba Inu may be poised for significant moves in 2024.
Shiba Inu, SHIB burn rate, price surge, Fibonacci retracement, meme coin
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