Peter Smith
Shiba Inu (SHIB) burn rate skyrockets by 1041% in just 24 hours, sparking speculation of a potential price rally as technical indicators show bullish momentum.
Shiba Inu's Burn Rate Skyrockets by 1041%
The Shiba Inu (SHIB) network has seen an astonishing 1041% increase in its burn rate over the last 24 hours, according to data from Shibburn. A total of 6.54 million SHIB tokens were burned in this period, with two significant burns totaling 2.14 million tokens from a single wallet, identified as “0x608….9fe80.” The notable rise in the burn rate is linked to a recent surge in network activity.
Historically, SHIB's burn rate has fluctuated significantly. On October 1, a total of 10.31 million tokens were burned at a 320% burn rate, with two addresses responsible for burning 6.94 million and 3.31 million tokens respectively. At one point, the burn rate surged by 33,000%, removing over one billion tokens from the ecosystem in just 24 hours. A similar spike occurred on September 28, with a 19,930% rise in the burn rate, burning a staggering 1.88 billion tokens.
The increased burn rate has sparked speculation among analysts that a significant SHIB price rally may be on the horizon. CoinGlass data shows a 20% rise in SHIB Futures Open Interest, reaching $52.93 million, indicating growing demand for the asset. This increased interest has contributed to a 6% rise in SHIB’s price over the last 24 hours, pushing it to $0.00001785. Additionally, SHIB's 24-hour trading volume surged by 26%, with $492 million worth of tokens exchanged during this period.
Technical Analysis of Shiba Inu (SHIB) Price
Renowned crypto trader Javon Marks has predicted a 351% price surge for SHIB, based on the asset's recent breakout from a falling wedge pattern. This breakout positions SHIB for an upward movement, with a potential target of $0.000081. Marks notes that the next key level could lead to a significant price jump, aligning with this bullish trend.
Similarly, analyst BigMike7335 has forecasted that SHIB could remove another "zero" from its price, reaching as high as $0.0002479 during the current market cycle. His analysis suggests that SHIB is amid a five-wave impulse structure, with a critical resistance level at $0.00003747, aligning with the Fibonacci 0.618 region. Breaking through this zone could propel SHIB to $0.0002 in the medium term.
Large SHIB Holders Increase Their Stakes
As speculation around SHIB's potential rally grows, holders with substantial investments have increased their positions. According to CNF, SHIB holders with between 100 billion and 10 trillion tokens have significantly added to their holdings, signaling strong confidence in the asset's future growth. Furthermore, IntoTheBlock data reveals that over 120,930 addresses purchased more than 550 trillion SHIB within the key price range of $0.000014 to $0.000018.
With technical indicators pointing to a possible price rally and large holders reinforcing their positions, SHIB’s future appears bright. However, the asset must break through critical resistance levels before any significant upward movement can be realized.
Peter Smith
