Shiba Inu has continued to dazzle investors as crucial performance metrics like the burn rate have continued to soar
Shiba Inu (SHIB) has recorded a significant surge in burn rate, climbing by over 4,100%. This has resulted in a corresponding price rally for the dog-themed memecoin. SHIB’s burn rate impact on price and the broader cryptocurrency’s bullish sentiments have increased investors’ confidence.
Analyst Predictions: Can SHIB Reach $0.0005?
Analysts have projected that SHIB’s price might climb to as high as $0.0005 if momentum remains in the ecosystem. Ali Martinez, an on-chain analyst, in a post on X, showed charts that suggest similarities between Dogecoin (DOGE) and Shiba Inu. The difference lies in DOGE peaking earlier than SHIB.
#ShibaInu $SHIB looks like #Dogecoin $DOGE! If true, $0.00049 next! pic.twitter.com/MsNYhh3bNi
— Ali (@ali_charts) November 21, 2024
Martinez believes that if SHIB follows the same trajectory as Dogecoin, Shiba Inu investors will have a lot to cheer about. The on-chain analyst predicts that SHIB could climb to as high as $0.00049. Once it reaches that level, the memecoin could breach the $0.0005.
Meanwhile, according to Shibburn, in the last 24 hours, 171,288,021 SHIB has been sent to dead wallets. This represents a 4106.82% surge in incinerated tokens, triggering the price rally. Investors must observe the trends and see if Martinez’s prediction will pass.
An analysis of the burn rate shows several wallets engaged in the activity. Some burnt as low as 1,000 SHIB while others incinerated 1,000,000 SHIB. However, the highest incineration came from a wallet that wiped out 169,287,021 SHIB in the latest burn figures.
The recent burn activity has taken the total burnt from the initial supply to 410.73 trillion SHIB. For perspective, the Shiba Inu community engages in periodic token burns as a deflationary measure to reduce the circulating supply. Usually, this move triggers a price rally and pushes the asset’s price in the market.
Price Hurdles Ahead of Shiba Inu
As of this writing, SHIB is exchanging hands at $0.00002777, representing a 13.07% increase per CoinMarketCap data. Meanwhile, market volume has soared by 94.83% to $3.22 billion as investors’ renewed interest in the memecoin.
This price rally for Shiba Inu is significant, considering that in the last seven days, SHIB’s price has experienced increased volatility. The memecoin fluctuated and declined notably despite the ongoing bullish rally in the broader crypto space. SHIB dipped as low as $0.00002321 after previously hitting $0.00002582.
The burn activity has helped SHIB rebound, and community members will hope for sustained momentum. Investors in SHIB have seen the coin appreciate by 55.55% within the past month. However, more is needed to push prices back to the level they reached in the first quarter of 2024. In March, SHIB traded at $0.00003592.
With SHIB already past the $0.000025 resistance level identified by Martinez in an earlier BGECrypto report, investors now look forward to a climb toward $0.000037. If this happens, anticipation for $0.0005 might build.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
