Shiba Inu token burning rate spikes by an astounding 37,937% following the destruction of 280 million SHIB tokens.
Let's dive into the current state of Shiba Inu (SHIB) and analyze the implications of its jaw-dropping burn rate increase.
The Burn Rate Explosion
On-chain tracking service Shibburn reports a staggering 37,937% surge in SHIB's burn rate over the past day. This massive spike translates to a whopping 280,097,384 SHIB tokens being incinerated from circulation.
The Shiba Inu team's strategy to create scarcity by burning tokens may be paying off, as the burning effort renews with signs of potential breakouts among major cryptocurrencies.
Current SHIB Trading Prices
Despite this aggressive token burning, SHIB hasn't immediately reaped the benefits. As of now, Shiba Inu is trading at around $0.00001334, down 1.54% over 24 hours.
Historical data suggests that while swift burns may not instantly impact SHIB's price, sustained burn activities can positively influence the token's long-term performance.
Technical Analysis: Bullish Signals Ahead?
Multiple analysts have turned bullish on SHIB's price trajectory based on technical patterns. Trader Mike, a TradingView analyst, has drawn attention to the "Trend Killer" resistance level at $0.00003000 – a level yet to be breached by SHIB – and set price targets between $0.00004529 and $0.00008869.
Analyst Javon Marks has also identified an Inverse Head & Shoulders pattern forming in SHIB's chart, reflecting a strong bullish breakout potential. If this pattern completes as expected, SHIB could surge over 512% toward a price level of $0.000081.
In addition to these bullish signals, Jonathan Carter has noted SHIB breaking out of a falling wedge pattern, which is often associated with bullish reversals. His price targets include levels around $0.00001510, $0.00001850, $0.00002110, and possibly $0.00002460.
Recap and Future Outlook
The recent 280 million token burn demonstrates the Shiba Inu team's continued commitment to their deflationary strategy. While the current market setup, with strengthening buy signals and the formation of bullish patterns, has created an environment where analysts are increasingly turning positive on the meme coin's prospects, it's essential to keep an eye on SHIB's supply dynamics and technical resistance.
A sustained break above $0.0000175 could validate bullish scenarios, while failure to hold the $0.000012 support level could trigger deeper corrections.
Hold tight, SHIB Army, as the meme token's price action seems to mirror aspects of its 2021 surge that led to all-time highs.
Fun Fact:Did you know that Shiba Inu is the smallest breed recognized by the American Kennel Club? Born to hunt, these adorable furballs were once used as hunting dogs in Japan, thanks to their intelligence, agility, and courage!
- The surge in Shiba Inu's burn rate, possibly indicating a successful strategy by the Shiba Inu team to create scarcity, has seen 280,097,384 SHIB tokens being incinerated from circulation.
- The current trading price of Shiba Inu stands around $0.00001334, despite the aggressive token burning.
- Multiple analysts have identified bullish signals in SHIB's chart, with some setting price targets as high as $0.00008869.
- Analyst Javon Marks, in particular, has predicted that if an Inverse Head & Shoulders pattern in SHIB's chart completes as expected, it could lead to a 512% surge in SHIB's price, possibly reaching $0.000081.
