- Shiba Inu’s burn rate surged by 450%, removing nearly 3 million tokens from circulation and contributing to a 32% price increase over the past month.
- Analysts forecast a potential 30x price surge based on bullish signals and speculation about a possible Shiba Inu exchange-traded fund (ETF).
The Shiba Inu (SHIB) cryptocurrency has been making headlines with a remarkable 450% increase in its burn rate, effectively removing nearly 3 million SHIB tokens from circulation in just the last 24 hours. This drastic reduction in supply has sparked a significant price surge, with the token’s value increasing by 32% over the past month. Market analysts are now forecasting a potential 30x price increase based on current market momentum.
One method employed to slow the token’s circulation is the SHIB burn rate, where a percentage of SHIB tokens are sent to a burn address by the development team, rendering them permanently unavailable. This strategic move aims to decrease the overall supply over time, potentially driving up the token’s value.
Statistics and Market Impact
According to data from Shibburn, the recent spike in the burn rate resulted in a removal of 2,903,600 SHIB tokens from circulation. This has positively impacted SHIB’s market capitalization, which now stands at $10.48 billion, reflecting a price increase of 3.25% to $0.00001778.
From its initial supply, 410,730,861,486,725 SHIB tokens have been burned, leaving 583,516,038,997,683 tokens still in circulation. Despite the volatility observed in the SHIB price over the past week, it has shown resilience, maintaining a 5% gain on the weekly chart and an impressive 32% surge on the monthly chart. This growth positions Shiba Inu as one of the top-performing meme coins for 2024.
Bullish Signals and Fibonacci Analysis
Crypto analyst Cantonese Cat has identified Shiba Inu (SHIB) as one of the top ten cryptocurrencies currently signaling a strong buy. A unique buy signal has been triggered by the “L3 Banker Fund Flow Trend Oscillator,” an indicator that last appeared in July 2023 when SHIB’s price ranged between $0.000007 and $0.000008. Following this signal, SHIB’s price remained stable before experiencing a fivefold increase in early 2024, reaching $0.000045 by March.
Cantonese Cat’s research, leveraging Fibonacci retracement levels, suggests that Shiba Inu might be on the verge of a similar upward trend. The analysis indicates a long-term price target of $0.00047 at the 1.618 Fibonacci extension level, which would represent a 30x gain from its current price. However, the analyst warns that SHIB will encounter significant resistance along the way to this target.
Rumors of Shiba Inu ETF Fuel Optimism
In addition to the increased burn rate, market speculation about the potential launch of a Shiba Inu exchange-traded fund (ETF) has fueled optimism among investors. If realized, the introduction of a SHIB ETF could further bolster the token’s market position, adding another catalyst for substantial price movement in the near future.
Shiba Inu’s recent burn rate surge and market performance have positioned it as a formidable contender in the cryptocurrency space. With bullish signals and the potential introduction of a SHIB ETF, the token could experience significant growth, making it a watchlist-worthy asset for investors.
