Shiba Inu (SHIB) has experienced a significant increase in the burn rate of 1800%, eliminating 500 million SHIB tokens. According to data provided by Shibburn, the recent SHIB burn has had a substantial impact on the SHIB supply.
The burn mechanism removes tokens from circulation. This increases scarcity and thus value by directly managing supply levels. As of now, the circulating supply of SHIB has decreased to 589.26 trillion tokens.
In the past week, the total number of SHIB burned has exceeded 615.15 million tokens, contributing to a positive outlook for the market.
Investors believe that this supply reduction, along with recent market factors, will help push the price of SHIB up. The increase in the burn rate is similarly related to other rallies in the cryptocurrency market. Such conditions allow for significant price increases.
Trading volume surged as investor interest increased.
After the SHIB burn rate increased, daily trading volume also rose by 245% to $6.48 billion. This trading volume illustrates how people are attracted to SHIB due to recent burn updates. The price of SHIB increased by about 10% in just one trading day, and its trading volume also reacted positively to the increase in the burn rate.
At the time of writing, SHIB is trading at $0.00002582, and analysts have warned that this increase in trading volume could be a bullish signal as more and more investors get involved.
The hidden bullish divergence signal indicates a potential price increase of 300%.
Furthermore, technical analysts have noted a hidden bullish divergence pattern operating on SHIB's price action. This divergence occurs when the RSI tracks lower lows while the price tracks higher lows, widely regarded as a sign of potential price increases.
A recent analysis shows that price increases could be supported by 300% based on this model. It is marked by continuous buying pressure and optimistic investors.
The price of SHIB recently surpassed the critical level of $0.00002. Some experts view this as a sign of potential further growth.
The second sign is the hidden bullish divergence that actually indicates a slow and gradual takeover by buyers, which also supports the predictions. This technical formation correlates with the increasing trading volume of the token and the burn mechanism that heightens such expectations.
User activity and network development reinforce the momentum of Shiba Inu.
In addition to the movement of key technical indicators, there are also fundamental improvements of the SHIB token. The project itself tends to increase user interaction and network development.
Data from Santiment shows that the number of active Shiba Inu addresses has increased to 5,184. This occurred within 24 hours while the network growth rate reached 3,045. These metrics indicate that the SHIB token is gradually attracting more users. This could lead to price stability along with increased usage in the market.
As usage increases in the SHIB ecosystem, the ability to attract long-term market attention and price stability also increases. Furthermore, with the continuous rise in the burn rate, trading volume, and user participation, this could facilitate a 300% price surge for SHIB. Moreover, this recent price increase has placed Shiba Inu (SHIB) in the top 3 cryptocurrencies. Therefore, contributing to the current bullish trend of the cryptocurrency market.
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