Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has recently witnessed significant growth fueled by a surge in token burn activity.
Over the past 24 hours, Shiba Inu Coin has experienced a strong bullish trend, driving its price upward. As of the time of writing, SHIB is trading at approximately $0.00001873 during the U.S. trading session, marking an appreciable surge of more than 4%, per CMC data. Notably, Shiba Inu’s market capitalization has increased by approximately 5% to $11.02 billion, positioning it as the 12th largest cryptocurrency by market cap.
Shiba Inu’s Recent Performance
The recent surge in SHIB’s price is closely tied to its burn rate. In the past 24 hours, the report from Shibburn — a SHIB burn tracker — shows a total of 600,776 SHIB tokens were burned across six transactions. While this burning activity is down by 26% from the previous period, it continues to draw attention from investors seeking signs of long-term value enhancement. The burned tokens have a market value of just $11.97, highlighting the vast supply and relatively low individual value of SHIB coins.
In the past 24 hours, there have been a total of 600,776 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/xFtpspaWNv
— Shibburn (@shibburn) July 16, 2024
What Does the Burn Rate Mean?
Token burn refers to the deliberate removal of cryptocurrency tokens from circulation. In SHIB’s case, burning tokens reduces the overall supply, potentially increasing scarcity and demand. Investors interpret burn events as positive signals, as they demonstrate a commitment to reducing excess supply and enhancing the coin’s value over time.
Price Predictions
The current price of SHIB is testing a critical resistance level at $0.00002. If it breaks above this threshold, we could see further gains, potentially reaching $0.00003 and even $0.00005. However, failing to exceed this mark may lead to a drop in price to around $0.000019.
Compared to June 12, which saw SHIB’s burn rate surge by over 3600%, resulting in the removal of 71,187,963 SHIB tokens from circulation as Coinfomania reported; on January 15, SHIB witnessed an astounding 6,000% surge in its burn rate, permanently taking out over 9 billion SHIB tokens.
Considering to Invest? Technical Indicators Signal Continued Uptick
The Shiba Inu’s technical indicators, as seen on a 4-hour trading chart, are giving off a series of positive signs. The Relative Strength Index (RSI) is currently at 65, which is close to the 70 mark overbought threshold.
Shiba Inu Price Chart, Source: TradingView
The Moving Average Convergence Divergence (MACD) hints at a positive situation as the MACD line (shown in blue) crosses above the signal line (shown in orange) below, suggesting a possible rise in the near future.
SHIB has shown the potential for life-changing gains. For instance, according to CoinMarketCap data, investors had the opportunity to pick up SHIB for $0.000000000073 per token at midnight on Jan. 1, 2021. Over the next 12 months, SHIB ate up six zeroes and was going for closer to $0.000036 as of Dec. 29. This represents a single-year gain of roughly 49,000,000%.
Investing in SHIB can be a great way to diversify your holdings. Despite struggling through the crypto winter of 2022-2023, SHIB has maintained its fan base and generated extraordinary wealth for some, albeit amidst high volatility.
Some analysts believe that SHIB has already peaked, while others believe the token still has room to grow.
The post Shiba Inu (Shib) Coin Price Surge as Massive 600K Token Burn Accelerates: Will It Reach $0.00005? appeared first on Coinfomania.
