- Shiba Inu (SHIB) has experienced a 658% increase in its weekly burn rate, with 399,586,110 SHIB coins burned, indicating potential for a price rebound.
- Crypto analyst Ali Martinez predicts a possible 35% price surge for SHIB, currently showing a modest recovery after a 21.7% decline.
In a surprising turn of events, Shiba Inu (SHIB) has experienced a dramatic surge in its burn rate, with the Shibburn tracking platform reporting an astonishing 658% increase on a weekly basis. Despite a negative daily reading, this significant rise signals a potentially promising future for the popular meme cryptocurrency.
Weekly SHIB Burns Skyrocket
Shibburn, through its official X handle, shared data revealing a monumental leap in SHIB burn rates over the past seven days. According to their tweet, the SHIB community has collectively burned 399,586,110 SHIB coins in a week, marking an impressive 685% increase. This massive burn rate could be indicative of strategic moves by the community to reduce supply and drive up the value of the remaining tokens.
HOURLY SHIB UPDATE$SHIB Price: $0.00002068 (1hr -0.17% ▼ | 24hr -4.87% ▼ )
— Shibburn (@shibburn) June 15, 2024
Market Cap: $12,181,521,782 (-4.74% ▼)
Total Supply: 589,273,063,638,942
TOKENS BURNT
Past 24Hrs: 39,878,482 (-62.76% ▼)
Past 7 Days: 399,586,110 (685.12% ▲)
However, the daily burn metric tells a different story. The tweet indicated a significant daily plunge of nearly 63%, with 39,878,482 SHIB coins transferred to dead-end blockchain addresses. This daily fluctuation underscores the volatile nature of SHIB and the cryptocurrency market in general.
Analyst Predicts SHIB Breakout
Crypto analyst Ali Martinez has weighed in on SHIB’s recent performance and future prospects. Martinez believes that Shiba Inu is on the cusp of a significant price rebound. His analysis is based on a SHIB daily chart showing a buy signal on the TD Sequential indicator. At the time of his analysis, SHIB was trading at $0.00002076, and Martinez forecasted a potential price surge to around $0.00002800. If his prediction holds true, this would represent an approximate 35% increase in value for SHIB holders.
The past week has been a rollercoaster for SHIB, with its value declining by 21.7% from $0.00002530 to $0.00001983. Despite this dip, SHIB has managed a modest rebound, rising by 4.7% to its current trading price of $0.00002078. This rebound provides a glimmer of hope for investors and enthusiasts who are eagerly anticipating a sustained upward trend.
#ShibaInu might be primed for a rebound as the TD Sequential indicates a buy signal on the $SHIB daily chart! pic.twitter.com/jwZ3UbJQ1N
— Ali (@ali_charts) June 15, 2024
The recent spike in SHIB burn rates, coupled with optimistic market analysis, suggests that Shiba Inu could be gearing up for a significant price rebound. While the daily metrics show volatility, the overall weekly trend and expert predictions paint a promising picture for SHIB’s future. As the SHIB community continues to strategize and execute burns, the coming weeks could be pivotal for the meme cryptocurrency. Investors should stay tuned to market movements and expert insights to make informed decisions in this dynamic landscape.
