Despite the general stagnation in the crypto market, Shiba Inu The price started to rise again. Over the last 24 hours, the SHIB burn rate has increased by an impressive 450%, resulting in 2.9 million SHIB tokens being removed from circulation. This development puts upward pressure on the SHIB price. So, could this sudden rise in burn rate start a rally in SHIB price?
Shiba Inu Killing Rate and Effect
Shiba Inu’s cremation mechanism aims to keep the supply under control by gradually reducing the amount of SHIB in circulation. The developer team permanently removes these tokens from circulation by sending a certain amount of SHIB tokens to the burn address. This process aims to have a positive impact on the price in the long run.
According to the latest data, the burn rate of meme coin has increased by 450% in the last 24 hours. During this time, exactly 2,903,600 SHIB tokens were removed from circulation, leading to a positive movement in price. At the time of writing, SHIB is trading at $0.00001778, gaining 3.25%, and its market cap has reached $10.48 billion.
Much of SHIB’s initial massive supply was burned and removed from circulation. A total of 410 trillion SHIB tokens have been burned so far, and there are currently 583 trillion SHIB tokens in the market. Over the past week, the SHIB price has been quite volatile; It had difficulty especially at the $0.000017 level. However, SHIB, which recorded a 5% increase on a weekly basis, stands out in the meme coin market. In the monthly chart, SHIB attracted attention with an increase of 32% and became the most popular platform of 2024. meme coinIt is on its way to becoming one of the.
Strong Buying Signals from Analysts for SHIB
Famous crypto analyst Cantonese Cat ranks Shiba Inu (SHIB) as one of the top ten performers. altcoin It shows between . The basis for this claim of the analyst is the technical indicator called “L3 Banker Fund Flow Trend Oscillator”. This indicator issued a rare buy signal, indicating strong upside potential for SHIB.
Cantonese Cat reminds that this signal last appeared in July 2023, and the SHIB price at that time was in the range of $0.000007-0.000008. In the past, following this signal, the SHIB price remained flat for a few months, but with a major rally in February 2024, it rose to $0.000045 in March.
With an analysis based on Fibonacci retracement levels, the analyst suggests that the Shiba Inu could enter a similar uptrend. The highest target SHIB could reach in the long term could be the 1.618 Fibonacci extension level at $0.00047, which indicates a 30% upside potential. However, in order to achieve this goal, SHIB will first need to overcome some important resistance levels.
