- Shiba Inu burn rate soared over 57,000% in 24 hours, removing more than 1 billion tokens from circulation.
- Analysts suggest a breakout from a descending channel may signal a potential 2x price increase.
- Weekly gains of nearly 13% indicate strengthened momentum despite minor intraday price fluctuations.
Shiba Inu (SHIB) gained renewed attention among crypto traders on Thursday as market activity and technical indicators highlighted the potential for a major price rally. The meme-based cryptocurrency showed a strong performance following a dramatic increase in its burn rate, supported by bullish chart patterns.
According to crypto analyst ‘World Of Charts,’ Shiba Inu is moving within a descending channel pattern. While this formation typically signals bearish sentiment, the analyst suggested that a sustained breakout above the upper boundary could signal a price rally. If the breakout holds, a price doubling may be possible, the analyst added.
Coin Burn Surges to New Highs
On March 27, data from Shibburn showed the SHIB burn rate skyrocketed by over 57,000 percent in a single day. More than 1 billion tokens were removed from circulation, leading to increased optimism in the market. This burn significantly reduces supply, aligning with the basic economic principle that lower supply can push prices higher if demand remains steady.
Over the previous day, Shiba Inu experienced a 1 percent price reduction, but investors continued to concentrate on the token. The crypto token reached $0.00001446 as its trading value throughout the day. Shiba Inu achieved an intraday peak at $0.00001561 but its value fell as low as $0.00001408 during the trading period. The tokens recorded about 13 percent weekly gains to indicate rising purchasing demand.
Further Price Targets Highlighted by Analysts
Another prominent trader, Javon Marks, pointed to increasing strength in SHIB’s price activity. He projected that the token could rise further, possibly targeting the $0.000081 level in the longer term. This forecast followed observed support from recent price action and growing investor interest.
With more than 1 billion SHIB tokens burned and technical patterns aligning, the crypto market is watching Shiba Inu closely. The surge in burn rate has fueled bullish expectations and shifted focus to the meme coin’s breakout potential in the near term.
