Shiba Inu, one of the most popular dog-based meme cryptocurrencies, sparked immense curiosity among crypto market traders and investors today, April 20, as its weekly burn noted a remarkable spike. Coming in tandem with the broader crypto market’s recovery post-halving, this surge in the meme coin’s weekly burn rate added a dash of market optimism to Shiba Inu, as its market dynamics flourished with supply taking a hit.

Meanwhile, surging nearly 5% in the past 24 hours, SHIB splashed bullish ripples across the vast sea of crypto, with investors speculating over the token’s price action ahead. Recent analysis by CoinGape Media spotlights a potentially looming $0.00004 price target for Shiba Inu, piquing substantial investor interest. 

Here’s a deeper dive into the vital market dynamics for the second-largest meme cryptocurrency by global market cap, zeroing in on the token’s vital cryptographic metrics.

SHIB Weekly Burn Ignites Investor Optimism

According to Shibburn’s insights, the Shiba crypto community jotted down the incineration of a whopping 714.132 million SHIB in the past seven days, incubating a 176.33% surge in the weekly burn rate. Shiba Inu’s total supply was evaluated to be 589.27 trillion SHIB, with the abovementioned burn weighing in, whereas the total number of coins burnt from the initial supply totaled 410.72 trillion, nabbing significant attention. 

This primarily staged as a bullish factor for the token, with the supply further shredding and jacking up the token’s demand and market dynamics. Whereas, the largest burn transaction registered over the past week was 650 million SHIB burnt on April 14, primarily birthing the spike in the weekly burn rate.

Intriguingly, this remarkable burning of SHIB appears to be propelling a price rally for Shiba Inu, with on-chain data for the token further validating the rising price action for the token.

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Shiba Inu Price Soars

As of writing, the Shiba Inu token surged 4.67% in the past 24 hours and currently stands at $0.00002306. It’s worth noting that the token witnessed notable pre-halving corrections in the past few days, dipping below the $0.00002 mark, igniting a bustle among investors. However, following Bitcoin’s halving today, April 20, as the broader crypto market illustrated signs of a recovery, SHIB’s price movement rose in tandem with the broader crypto horizon’s trend. 

As spotlighted by CoinGape Media yesterday, the SHIB token illustrated signs of a strong recovery, attributed to a plethora of bullish factors. Now, with Shiba Inu sustaining a positive movement, crypto market enthusiasts speculate over its future price targets. 

Notably, an analysis by CoinGape Media spotlighted that the self-proclaimed Dogecoin killer witnessed considerable demand pressure, fueling a price rebound for SHIB to $0.0000227 amidst the broader crypto market’s recent consolidation. Further, the daily chart analysis shows the formation of a bullish reversal pattern, indicating Shiba Inu’s potential looming rally, further accompanied by post-halving bullish market sentiments.

This collectively paves the way for $0.00004 ahead, should bulls continue to favor the token. However, the market may be due for an extended consolidation post-halving, as spotlighted by historical data.

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The post Shiba Inu News: Over 700M Burned, SHIB Price Target $0.00004 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am