Shiba Inu (SHIB) Burn Rate Surges Over 1,000%: Is a Major Price Rally Ahead?

The Shiba Inu (SHIB) network has experienced an extraordinary surge in its burn rate, increasing by 1,041% within the past 24 hours. This significant spike has fueled speculation about a potential price rally, as technical indicators and market activity point to bullish momentum.

Shiba Inu’s Burn Rate Skyrockets by 1,041%

According to data from Shibburn, the Shiba Inu network burned a total of 6.54 million SHIB tokens in the past day, with two major burns totaling 2.14 million tokens originating from a single wallet, identified as “0x608….9fe80.” This sharp rise in the burn rate coincides with heightened network activity.

Historically, SHIB’s burn rate has been highly volatile. On October 1, the burn rate surged by 320%, removing 10.31 million tokens, with two addresses responsible for burning 6.94 million and 3.31 million tokens, respectively. Another notable instance occurred on September 28, when the burn rate increased by 19,930%, eliminating 1.88 billion tokens. Earlier, the burn rate spiked by an unprecedented 33,000%, taking over one billion tokens out of circulation in just 24 hours.

The recent burn rate increase has led analysts to speculate on a possible price rally. CoinGlass reports a 20% rise in SHIB Futures Open Interest, reaching $52.93 million, reflecting growing demand for the token. Over the past 24 hours, SHIB's price rose by 6%, reaching $0.00001785, accompanied by a 26% surge in trading volume to $492 million.

Technical Analysis: SHIB Price Outlook

Renowned crypto trader Javon Marks predicts a 351% price surge for SHIB, based on its breakout from a falling wedge pattern. Marks suggests the asset is poised for upward movement, with a potential target of $0.000081. He highlights key resistance levels that could trigger significant price growth if surpassed.

Similarly, analyst BigMike7335 forecasts SHIB could reach $0.0002479 during the current market cycle. His analysis points to a five-wave #BinanceLabsBacksUsual #BinanceAlphaAlert