Shiba Inu Burn Rate Explodes 6,223%: Is a SHIB Bull Run on the Horizon?

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As a seasoned crypto investor with a knack for identifying undervalued assets, I’ve been closely watching Shiba Inu (SHIB) for quite some time now. With its market cap expanding and the recent surge in burn rate, it seems that the Shiba Inu community is taking the token in the right direction. The reduction of circulating supply through burns could potentially drive up demand and, consequently, the price.

With the crypto market growing to a staggering $3.09 trillion in value, SHIB is showing signs of revival, even though it remains over 70% below its record high (peak). The surge in burn rate, an impressive increase of 6,223%, hints at significant changes occurring within the Shiba Inu community, which could possibly lead to another bull market.

Based on Shibburn’s data, over the last 24 hours, members of the Shiba Inu community have burned 3,690,656 SHIB tokens. This move is part of a broader strategy to increase the token’s scarcity, a crucial factor in boosting its value. To date, a staggering 410,737,816,463,240 SHIB tokens have been burned, resulting in a circulating supply of approximately 583 trillion tokens.

The intention behind the SHIB burns is straightforward: by decreasing the quantity of tokens available, scarcity increases, potentially boosting demand and consequently lifting the price. With the community pushing for a lower SHIB supply, these burns could substantially impact the token’s price trend. Additionally, the introduction of the Shibarium burn portal, allowing users to engage in token burns, has intensified this initiative.

Shiba Inu Price Recovery: Small Gains, Big Potential

Regardless of last year’s market fluctuations, Shiba Inu has shown robust resilience. Lately, SHIB has experienced a promising price uptick, rising by 3% over the past day, pushing its worth to $0.000025 as per Brave New Coin’s SHIB Price Index. Over the last month, this asset has surged more than 31%, leading to an impressive 144% growth since the beginning of the year.

The main reason for this price surge is the continuous advancements happening within the Shiba Inu community. As attempts are made to elevate the token from its meme coin status and establish it as a more credible asset with potential practical applications, its legitimacy grows. With the expansion and maturation of the ecosystem, interest in SHIB might increase, especially among investors looking for fresh opportunities in the rapidly expanding cryptocurrency sector.

The current trends in pricing and blockchain data indicate that Shiba Inu (SHIB) may be approaching a significant turning point. Following a period of stability, SHIB is almost at the important resistance mark of $0.000025. If SHIB continues to gain momentum and surpass this threshold, it might spark a larger price surge. Investors are keeping an eye on the 50-day and 200-day exponential moving averages (EMAs), as these are favorable signs for bullish movements.

Moreover, there’s been a significant increase in trading activity lately, indicating a rise in investor enthusiasm for Shiba Inu. Over the past week, transactions over $100,000 amounted to $2.69 billion, suggesting increased participation from larger investors. Currently, around 61% of SHIB holders are making profits, potentially leading to more accumulation. Nevertheless, it’s crucial to exercise caution as 31% of the addresses currently hold Shiba Inu at a loss.

The Double-Edged Sword of SHIB’s Popularity

Upon examining Shiba Inu’s market makeup, it’s apparent that 73% of the SHIB tokens are in the hands of large investors, often referred to as “whales.” This high concentration among major holders signifies solid backing for the asset. However, this also means that SHIB is susceptible to dramatic price fluctuations, particularly if these whales decide to sell their holdings. Consequently, Shiba Inu exhibits a higher level of volatility compared to other cryptocurrencies with a more dispersed ownership structure.

Nevertheless, the recent spike in burns and escalating trading activity alongside greater investor involvement might offer the foundation for Shiba Inu (SHIB) to persist in its upward trend. A significant resistance level to focus on is $0.00003. If SHIB manages to surpass and maintain above this price, it could pave the way for potential higher targets in the immediate future.

Amidst a broader crypto market resurgence, there’s growing debate about whether Shiba Inu can regain its former record high of $0.00008845. At the moment, the token has dropped by more than 71% from that peak, but the recent surge in token burn and continuous community engagement give reason to believe that SHIB could be on the verge of making a strong return.

 

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2024-11-19 15:16