Shiba Inu has reignited bullish sentiment among crypto traders and investors worldwide. On Monday, the Shiba Inu burn rate soared by an astounding 700%, sparking speculation about a potential price target of $0.00002 for the token. SHIB’s price is currently showing signs of consolidation, and market analysts are wondering if the recent surge in burn rate could drive over 30% gains in the token.
Shiba Inu Burn Rate Explodes by 700% as 15 Million SHIB Burned
According to Shibburn, the community’s burn tracker, Shiba Inu’s burn rate has surged by 772% in the past 24 hours, with 15.08 million SHIB tokens burned in that time. Over the past week, the burn rate has increased by 313%, with 44.2 million SHIB incinerated in the last seven days. This reduction in supply has fueled optimism, aligning with the classic supply and demand dynamic.
Adding to the buzz, Shiba Inu’s lead developer Shytoshi Kusama recently posted on X, stating, “I have only done well for Shib, and will continue to do so until, and after, I complete Ryoshi’s vision.” This message has further boosted enthusiasm for the Shiba Inu ecosystem, alongside the ongoing burn activity.
SHIB Price Headed for $0.00002?
At the time of writing, Shiba Inu was trading at $0.00001468, marking a slight 0.5% increase in the past 24 hours. The token’s 24-hour low was $0.00001419, while the high reached $0.00001485, reflecting a price movement aligned with the recent burn rate spike.
However, data from Coinglass showed a 6% dip in SHIB’s futures open interest (OI) to $33.43 million, along with a 12% drop in derivatives volume to $63.51 million. Despite these metrics raising concerns, recent analysis by CoinGape Media suggests the token could see gains of over 30% in the near future, citing a steady decrease in SHIB balances on exchanges.
Additionally, SHIB’s Relative Strength Index (RSI) has moved into bullish territory, currently sitting at 58, adding further confidence to a potential price increase. Combined with the burn rate surge, Shiba Inu appears to be riding bullish momentum, setting the stage for a potential push toward $0.00002 in the coming days.
