With a burn rate of over 1,000%, approximately 6.54 million SHIB tokens have been removed from circulation, allowing the asset to rebound in the short term.
One analyst predicts that SHIB could “delete another zero” once it manages to secure the $0.00003747 price level.
Following a recent increase in network activity, the Shiba Inu (SHIB) burn rate has increased significantly by 1041% in just 24 hours. According to Shibburn, a total of 6.54 million SHIB tokens were destroyed during this period. Investigating this, we observed that the two highest burns were carried out by the same wallet address "0x608....9fe80". In two separate transactions, this address destroyed a whopping 2.14 million SHIB tokens.
Looking at the historical data again, we see a big increase in the burn rate this month, with 10.31 million tokens destroyed on October 1st, a burn rate of 320%. During this period, two addresses dominated the burns with 6.94 million and 3.31 million tokens respectively. Interestingly, the Shib burn rate increased by 33,000% at one point in a 24-hour period, removing over 1 billion from the ecosystem. Additionally, in our September 28 report, the Shib burn rate rose to over 19,930% in just 24 hours, removing 1,881,699,401.
Following this development, analysts have begun to “paint a bullish picture” for the asset, as most technical indicators confirm this stance. For example, our analysis of CoinGlass data shows that SHIB futures open interest has surged by 20% to $52.93 million. In addition to this, demand for the asset has increased significantly, pushing the price up by 24% in the past 6 hours to trade at $0.00001785. Our market data also shows that SHIB’s 24-hour trading volume has increased by 26%, with $492 million traded.
Shiba Inu (SHIB) Price Analysis
After conducting a technical analysis of the asset, a well-known trader named Javon Marks recently predicted that SHIB could surge by 351%. According to his analysis, the asset has broken out of a descending wedge pattern, which puts it on track to surge to the $0.000081 resistance level.
The crypto analyst noted that SHIB (Shiba Inu) price is starting to make a strong comeback here while continuing to break out of the recently set falling wedge pattern. The next level could be coming, which could result in a massive upside of >351% towards our larger target of $0.000081.
Similar to this position, analyst BigMike7335 (Michael) also predicts that SHIB could remove another “zero” in this cycle. Michael supports his argument with a chart, noting that SHIB is currently in the middle of a five-wave impulse structure. This means that the asset could reach and break through $0.0002479 as this is the longest in the wave sequence.
Currently, the $0.00003747 price area is reportedly aligned with the Fibonacci 0.618 area. Analysts say that securing this area could push the price up to $0.0002 in the medium term. To do so, the asset would first have to break out of the $0.000014 and $0.000018 ranges. According to IntoTheBlock, 120,930 addresses purchased more than 550 trillion SHIB within this area.
Amid this potentially dramatic surge, CNF revealed that SHIB holders with between 100 billion and 10 trillion tokens have significantly increased their holdings.
It should be emphasized that this article is for reference only and does not constitute investment advice.
