SHIB Price Prediction: Shiba Inu Price Poised For 60% Spike As Burn Rate Surges

The post SHIB Price Prediction: Shiba Inu Price Poised For 60% Spike As Burn Rate Surges appeared first on Coinpedia Fintech News

Shiba Inu is currently facing significant resistance around the $0.000025 price level. Last week, SHIB experienced a mini-rally but struggled to maintain its position, retreating and falling below this resistance. SHIB fell by at least 5%, reaching an intraday low of $0.00002361. Despite these fluctuations, SHIB has shown positive gains over 30 days but continues to face challenges in decisively surpassing the $0.000025 mark.

One notable development is the increase in the SHIB burn rate, where several million SHIB coins have been removed from circulation. According to data from the Shibburn Explorer, the SHIB burn rate surged by 62.58% within the last 24 hours.

Over the past week, the SHIB community also burned 57,671,544 SHIB, which is 57% less than the previous week’s burn rate. So far, 410,726,422,225,031 SHIB has been burned from the original quadrillion supply. Currently, 582,992,864,057,113 SHIBs are circulated, and 6,280,713,717,854 SHIBs are locked in staking platforms. 

Multiple analysts have identified a bullish pennant pattern on the Shiba Inu chart, suggesting the potential for a significant profit. This pattern indicates that SHIB might be on the verge of continuing its previous uptrend after a period of consolidation. Analysts forecast that Shiba Inu holders could see a profit of over 62% soon.

Prominent Bitcoin analyst Clifton highlighted the formation of a bullish pennant on Shiba Inu’s 24-hour timeframe. According to Clifton, this pattern suggests that SHIB could soon experience a breakout, potentially netting holders a short-term profit of up to 60%. The bullish pennant formation, which resembles a symmetrical triangle, typically signals that an asset is ready to resume its uptrend after encountering brief resistance.

Other market analysts have echoed Clifton’s optimistic outlook. Davie Satoshi, another analyst who identified the bullish pennant, proposed higher breakout targets, predicting SHIB could reach above $0.00005. Pseudonymous analyst “World of Charts” also identified $0.00005 as a potential target for SHIB.

Further, a Bitcoin analyst suggested that SHIB enthusiasts might anticipate the $0.00008 price level. Another analyst even argued that SHIB could reach $0.00015 by next month, which would mark a historic high for the cryptocurrency, entering previously uncharted territory.

The SHIB team announced several updates for Shibarium in 2024-2025. These include the SHIB Metaverse, a new Shiba Eternity game, ShibaSwap DEX 1.75 and 2.0, a layer-3 test net, and the TREAT token for the new blockchain. To build the layer-3 solution, they recently raised $12 million from investors. SHIB lead Shytoshi Kusama has been traveling to pitch the layer-3 project and secure funding.

Will Shiba Inu break through its resistance and achieve the predicted gains, or will it face more challenges ahead?