The post Is a SHIB Price Rally on the Horizon? appeared on BitcoinEthereumNews.com.

With a burn rate of more than 1000%, about 6.54 million SHIB tokens have been removed from circulation, positioning the asset for a rally in the near term.  An analyst has predicted that SHIB could “remove another zero” once it successfully secures the $0.00003747 price level.  Shiba Inu’s (SHIB) burn rate has significantly increased by 1041% in just 24 hours following the recent increase in network activities. According to data by Shibburn, a total of 6.54 million SHIB tokens were burnt within the period. Investigating this, we observed that two of the highest burns were conducted by the same wallet address, “0x608….9fe80”. In two separate transactions, this address burnt a whopping 2.14 million SHIB tokens.  Another look at historical data shows that the burn rate has greatly improved this month with 10.31 million tokens burnt on October 1 at a burn rate of 320%. Within the period, two addresses dominated the burn with 6.94 million tokens and 3.31 million tokens, respectively. Fascinatingly, the Shib burn rate increased by 33,000% at a point in a 24-hour time frame with more than one billion removed from the ecosystem. Additionally, the Shiba burn rate rose to over 19,930% in just 24 hours to remove 1,881,699,401 in our September 28 report.  Following this development, analysts have started “painting a bullish picture” for the asset as most technical indicators affirm this position. Our analysis of CoinGlass data, for instance, showed that SHIB Futures Open Interest has surged by 20% to $52.93 million. In addition to this, demand for the asset has increased significantly, pushing the price up by 6% in the last 24 hours to trade at $0.00001785. Our market data also shows that the 24-hour trading volume of SHIB has increased by 26%, with $492 million exchanging hands.  Shiba Inu’s (SHIB) Price Analysis Subjecting the…

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Filed under: News - @ October 7, 2024 12:21 am