Shiba Inu has once again sparked bullish sentiments among crypto market traders and investors globally. On Monday, as the Shiba Inu burn rate noted a whopping 700% uptick, sentiments of a $0.00002 price target looming for token surfaced across the broader industry. Besides, SHIB price currently shows signs of a consolidation. Market watchers speculate whether the burn rate surge could fuel over 30% gains in the token ahead.

Shiba Inu Burn Blows Up 700% As 15M SHIB Burnt

According to data highlighted by the community’s burn tracker, Shibburn, Shiba Inu’s burn rate soared 772% in the past 24 hours. This surge in the token burn is primarily attributable to 15.08 million SHIB burnt over the past day.

Meanwhile, weekly data shows a 313% surge in the top dog-themed meme coin‘s burn. This weekly surge is attributable to 44.20 million coins incinerated in the past seven days. As the burn mechanism kills Shiba Inu’s supply, optimism for price action ahead persists, abiding by the law of supply and demand.

Meanwhile, Shytoshi Kusama, Shiba Inu’s lead developer, recently took to X, sparking further investor enthusiasm for the meme-themed asset. “I have only done well for Shib, and will continue to do so until, and after, I complete Ryoshi’s vision.” This statement hints at upcoming advancements for the Shiba Inu ecosystem, adding to optimism on the meme crypto alongside continuous token burns.

Price To $0.0002 Ahead?

Simultaneously, SHIB price traded at $0.00001468 at press time, up slightly by 0.5% in the past 24 hours. The coin’s 24-hour low and high were $0.00001419 and $0.00001485, respectively. Today’s rising price movement aligns with the abovementioned burn rate surge.

However, Coinglass data illustrated a 6% dip in SHIB’s futures OI to $33.43 million today. Even the derivatives volume plunged 12% to $63.51 million over the past day. This data has sparked contrasting sentiments on SHIB price action ahead.

Nevertheless, a recent SHIB price analysis by CoinGape Media indicated that the meme token eyes over 30% gains in the coming days. The analysis pointed to a constant decline in SHIB balance on exchanges, solidifying optimism about the coin’s long-term prospects. This dynamic paves the road for Shiba Inu to hit $0.00002 ahead.

In the interim, the coin’s RSI also inched towards a bullish region, resting at 58, adding to optimism on future price movements. Coupled with today’s burn rate surge, the Shiba Inu coin rides bullish waves in the market despite sluggish trading in recent days.

The post Shiba Inu Burn Rate Spikes, SHIB Price Eyes 36% Rally To $0.00002 Next appeared first on CoinGape.

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Filed under: News - @ September 23, 2024 7:23 am