#Shibainuholder

CAN SHIBA INU PRICE RALLY SOAR TO $1 AS BURN RATE JUMPS?

Shiba Inu price continued to consolidate this weekend even as some cryptocurrency analysts remained optimistic.

Shiba Inu (SHIB), the second-biggest meme coin in crypto, was trading at $0.00002812, up by 163% from its lowest level in August.

Some analysts predict that Shiba Inu was on the cusp of a strong bullish breakout in the coming weeks. In an X post, SHIB Mortal, predicted that the coin would jump to $1 in this bull run.

Shibainu #SHIB Is Going Past $1.00 This Cycle.

If You Agree Follow, Like & ReTweet pic.twitter.com/2DcuoglsNj

— SHIB Mortal (@SHIBMortal) December 5, 2024

Similarly, Daink, a popular trader with over 88k followers, expects the coin to have a strong bullish breakout. He cited its strong technicals on the monthly chart.

One of the most cited bullish catalysts for Shiba Inu price is its ongoing token burn. According to ShibBurn, the 24-hour burn rate rose by 425% to 71,122,860 coins. These burns brought the total number of burnt Shiba Inu coins to over 410 trillion. Those in circulation are over 584 trillion.

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A token burn is a situation where coins are moved from circulation by being transferred to an inaccessible address. In Shiba Inu’s case, some of these tokens comes from its ecosystem like Shibarium and ShibaSwap.

Shibarium is a relatively new layer-2 network that has handled over 645 million in transactions. It has over 2.01 million addresses, and its average block time is 20.9 seconds. Some of the BONE fees made in Shibarium are converted to SHIB and burnt.

Another potential catalyst for the Shiba Inu price is that investors are moving their tokens from exchanges. The total tokens on exchanges has dropped by 1.73% in the last seven days to 258.19 trillion.