Shiba Inu Altcoin Gains Attention with Increased Token Burn Rate!!!
Token Burn Rate Surges Over 176%
Shiba Inu’s mainnet asset SHIB has shown a roughly 6% increase in the last 24 hours, sending bullish signals to the cryptocurrency market and leading to speculation about its future price trajectory. Recent analysis by experts points to a potential rise to the $0.00004 level, sparking interest among investors.
A platform that tracks token burns for Shiba Inu, Shibburn, reveals that 714.13 million SHIB tokens were burned in the last 7 days, resulting in a significant 176.33% increase in the weekly token burn rate. This reduction in SHIB supply, combined with the total amount burned from the initial supply reaching 410.72 trillion, is emerging as a serious bullish factor for the altcoin.
The largest token burn event in the last 7 days was recorded on April 14th, with 650 million SHIB tokens burned, significantly contributing to the increase in the token burn rate over the last 7 days. Strong token burn activity, supported by on-chain data indicating an upward trend for the altcoin, appears to be bolstering SHIB’s price increase.
Short-Term Target of $0.00004 Expected
SHIB’s price is at $0.0000227, with a 4.67% increase in the last 24 hours. Despite corrections prior to Bitcoin‘s fourth block reward halving and recent dips below the $0.00002 threshold, SHIB’s price has shown resilience and is following the general market recovery post-halving.
Technical analysis shows SHIB demonstrating strength and moving with positive momentum. As a result, with increased demand pressure, the altcoin’s price has risen to $0.000023. Additionally, technical analysis indicates a potential rally for SHIB, further supported by optimistic market sentiments following Bitcoin’s block reward halving.
Looking ahead, if the bullish trend continues, SHIB is expected to target $0.00004 in the short term. However, considering past data and market trends, a prolonged consolidation phase post-halving is likely,
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