Shiba Inu (SHIB) has once again captured the attention of investors, fueled by a dramatic surge in its burn rate, which could signal potential price gains.
On Tuesday, the SHIB burn rate surged 12,670%, shrinking the token’s circulating supply. Data from Shibburn shows that 52 million SHIB tokens were permanently removed from circulation. They were sent to a null address.
This jump in SHIB burns comes during a bearish market, where Shiba Inu has fallen by over 18%. The SHIB price dropped to $0.00002511 after trading in the $0.00003 range. This drop has wiped out Shiba Inu’s weekly gains. But the market dynamics haven’t affected the SHIB burn rate. Community members continue to burn tokens in large numbers.
Over 2.4 Billion SHIB Burned in Seven Days
Over the past week, a total of 2.44 billion SHIB tokens were burned, further reducing the asset’s supply, which now stands at 589.25 trillion tokens. This significant reduction in supply is fueling speculation that SHIB’s price could double soon, particularly as the broader crypto market shows signs of recovery in Q4.
Analyst Predicts a Likely 178% Surge for SHIB
In a recent analysis shared on X, market watcher “The Krypto King” predicted that Shiba Inu’s downtrend since late 2021 may soon come to an end. He suggested that SHIB could rise by 178%, adding $0.00005602 to its value and potentially reaching its all-time high of $0.00008645.
Optimism around Shiba Inu is also boosted by the success of its layer-2 solution, Shibarium. This solution has hit a major milestone with 2 million wallet addresses registered on-chain. Shibarium has also processed 4.76 million daily transactions and boasts over 632 million all-time transactions, totaling 8.32 million blocks.
Moreover, the SHIB ecosystem has also recently welcomed 7,548 new wallets, further emphasizing the growing optimism surrounding SHIB. This growth is a positive sign for the SHIB ecosystem, drawing more attention from investors and suggesting long-term potential.
Despite this positive momentum, SHIB’s price has dipped in the past 24 hours, triggered by Bitcoin’s bearish market conditions and profit-taking. Yet, SHIB has seen a 51% increase over the past 30 days, indicating that the upward trend is still in play despite short-term fluctuations.
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