Shiba Inu ( #SHIB ) sees a 1,088% surge in burn rate and price rally to $0.00001385. Analysts suggest a 50% rally if resistance is breached.
Shiba Inu (SHIB) has experienced an increase in its burn rate, with recent data from the Shibburn tracker showing a 1,088% surge in token burns. This surge in activity has coincided with a notable increase in SHIBâs price, which has seen a nearly 6% rise in the last 24 hours, trading at $0.00001385.
Shiba Inu Price Soars Along with Token Burns
According to the Shibburn tracker, the increase in $SHIB 
burns began on Monday, with less than 20,000 tokens destroyed, escalating to nearly 100,000 tokens by Tuesday. This marked shift in burn activity corresponds with the introduction of a new automated burn mechanism on the Shibarium platform, which redirects a portion of gas fees into burns.
Additionally, the relationship between the heightened burn rate and the SHIB price suggests a positive market reaction to supply reduction strategies. Concurrently, the Shibarium blockchain has reached a new all-time high of 418 million transactions, potentially fueling further investor interest in Shiba Inu.
This burn activity coincides with a considerable uptick in SHIBâs market price, which has risen from $0.00001307 to $0.00001385. The price increase reflects a recovery in the crypto market and is closely tied to the token burn rate.
Price Analysis: 50% Rally on the Horizon?
The current trading price of SHIB reflects a recovery from its lowest levels this year, propelled by both the burn mechanism and broader market trends. Analysts are eyeing a critical resistance level at $0.00001526, beyond which a 50% Shibu Inu price surge could be feasible.
The bullish scenario hinges on the sustained demand for SHIB as it approaches critical technical milestones. Conversely, should the price fail to breach this resistance, support levels around $0.00001227 might provide a floor as market participants reassess the assetâs valuation in light of ongoing developments.
