Shiba Inu Price Massive Rally on Horizon: SHIB Price Surges with a 30,000% Burn Rate Increase

The post Shiba Inu Price Massive Rally on Horizon: SHIB Price Surges with a 30,000% Burn Rate Increase appeared first on Coinpedia Fintech News

The crypto market is buzzing with excitement! Bitcoin’s surge past $61k has ignited a new bull run, lifting Shiba Inu (SHIB) to new heights. SHIB is up 23.2% today, 41.4% this week, and a whopping 43.5% over the past month. Plus, it’s finally in the green for the year, with a 6.8% gain since February 2023.

Not only that, Shiba Inu, is making waves with a whopping 30,000% surge in its burn rate, grabbing the crypto world’s attention. This surge aligns with recent community efforts to boost the coin’s tokenomics, leading to a big jump in Shiba Inu’s price, hitting highs of $0.000014. 

According to Shibburn burn tracker data, the recent surge of 30187% burn rate today has led to the destruction of 3.75 million SHIB tokens in the last 24 hours. This is indeed a bigger move to reduce the coin’s supply and boost positive sentiment among traders and investors. Currently, approximately 410.70 trillion SHIB tokens have been burnt, leaving a circulating supply of 581.65 trillion coins.

What’s pushing this surge is the developed Shiba Inu ecosystem, which includes features like SHEboshi, the upcoming launch of KNINE, and partnerships with entities like Zama, further contributing to the meme coin’s positive sentiment.

Next up is SHIB ETF talks, the loyal SHIB community has petitioned Grayscale CEO Michael Sonnenshein to explore a SHIB ETF, citing the token’s compliance with the Howey test. This will be a major move to bypass regulatory problems, which could make it easier for more people to invest in SHIB.

Shiba Inu is on a high, with a 3.78% increase in the past 24 hours, trading at $0.00001266. Surpassing $0.000014 has fueled investor optimism, backed by a 76.63% surge in trading volume. Derivatives data also points to an uptrend, with rising open interest and trading volume, indicating increased investor interest in long positions.

Seems, investors are bullish about further price increases, but the Relative Strength Index (RSI) signals an overbought market, suggesting a potential price drop. Moreover, despite this warning, there’s a positive vibe rolling in the market, boosting hopes for Shiba Inu’s future performance.

Telegaon predicts a bullish future for Shiba Inu (SHIB), calling it to surpass the $0.0005 mark by 2029, with a peak price of $0.000588 for the year. However, they noted one key block for SHIB’s price is its large supply, but there is a speculation that the SHIB team is developing a new burn mechanism that could burn trillions of tokens annually. If successful, this could lead SHIB’s path to the $0.0005 target and beyond, especially in a bullish market.