SHIB Burn Rate Surges to 3600%! Will Shiba Inu's Price Rocket?
The burn rate of SHIB has dramatically surged in the past 24 hours, with millions of tokens being burned. While this situation coincides with a significant rise in prices of other top meme tokens, Shiba Inu's price movement remains rather lackluster, yet it still creates a bullish expectation for its price.
In the past 24 hours, SHIB's burn rate has soared to an astounding 3600%, with a total of 35.6 million tokens burned. Among these, two large transactions contributed significantly to the tokens burned during this period, one burning 15.5 million tokens and the other 11.1 million tokens.
Since token burns effectively reduce the circulating supply, they theoretically increase the value of top meme coins, which is why these burn activities often foster bullish expectations for Shiba Inu's price. Moreover, this is a crucial boost for Shiba, especially as in this market cycle, similar top meme coins like Dogecoin and PEPE have reached new highs, while it remains sluggish in price.
Despite the relatively stable price trend, I firmly believe that Shiba Inu will experience a bull market. Currently, SHIB is struggling in the critical range of $0.000027 to $0.000030, and once it breaks through this resistance level, it is expected to soar to its all-time high.
Aside from the SHIB burn rate, other on-chain metrics also depict a bearish trend for Shiba Inu's price. If this leading meme coin wishes to continue rising, these indicators urgently need to rebound swiftly.
At present, the "concentration" and "large transaction" metrics are in a bearish state, indicating that crypto whales are currently unwilling to invest in SHIB.
At the same time, the "in the money" and "net network growth" metrics are also not optimistic. The former is critical as current holders without funds may sell off their tokens, putting immense selling pressure on Shiba Inu's price. The bearish net network growth metric indicates that the SHIB ecosystem lacks new investors entering the market.
