Amid general market consolidation, SHIB price is up 3% in the last 24 hours. With the Shiba Inu burning rate increasing by 450%, 2.9 million SHIB coins were removed from circulation, putting upward pressure on the price.
Details of Burn Rate
The SHIB burn rate is a mechanism designed to reduce the amount of SHIB tokens in circulation over time. The development team sends some of the SHIB tokens to the burn address, permanently removing them from circulation.
Price and Market Changes
With the increase in the burn rate, a total of 2,903,600 coins were removed from circulation and the SHIB price reacted positively. The current Shiba Inu price is trading at $0.00001778, up 3.25%, and its market capitalization has reached $10.48 billion.
In total, 410,730,861,486,725 SHIB tokens were burned from the initial offering, reducing the number of SHIB tokens in circulation to 583,516,038,997,683. Last week, SHIB price continued to fluctuate and declined at $0.000017. While it is up 5% on the weekly chart, SHIB price is up 32% on the monthly chart, driven by a strong resurgence in the meme coin sector.
Analysts’ Opinions
Crypto analyst Cantonese Cat named Shiba Inu among the top ten altcoins with buy signals. The key indicator behind this bullish outlook is the buy signal for SHIB given by the rarely seen “L3 Banker Fund Flow Trend Oscillator”. “We saw this signal initiate a significant upward move for SHIB, similar to last year,” Cantonese Cat said.
The analyst’s analysis based on Fibonacci retracement levels suggests that the Shiba Inu could enter a similar bullish move and reach potential price targets in the coming months. The final price target is around $0.00047, which is located at the 1.618 Fibonacci extension level, with a 30% gain expected if this level is reached. However, he warned that SHIB would need to overcome significant areas of resistance to achieve this goal.
Aside from the increase in the Shiba Inu cremation rate, there are other factors that could trigger SHIB price movements. Recent speculations in the market suggest the possibility of a Shiba Inu ETF coming to the market. This development further raises analysts’ expectations for the second largest meme coin in the world.
Investors consider that the increase in SHIB’s burn rate, as well as positive signals from analysts and possible ETF demand, could support SHIB’s future performance. These developments in market dynamics indicate that SHIB may make significant movements in 2024.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
