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The recent increase in the SHIB burn rate has heightened optimism around the Shiba Inu price. Today, the burn rate surpassed 4100%, supporting the upward momentum in the broader cryptocurrency market. Additionally, leading experts foresee a potential breakout for SHIB, predicting a rise to the $0.0005 level.
Sudden Increase in SHIB Burn Rate
According to recent Shibburn data, the SHIB burn rate increased by 4106.82% today, capturing the attention of market participants. The Shiba Inu burn tracker indicated that 171.28 million SHIB tokens were burned in the last 24 hours, signaling a robust upward trend in the near future.
Notably, the wallet address “0xa65…55347” executed the highest burn by eliminating 169.28 million tokens in a single transaction. While the daily activity showed a spike, the weekly burn rate for Shiba Inu surpassed 68%, indicating that approximately 195.05 million tokens have been destroyed. Currently, it is reported that a total of 410.73 trillion tokens have been burned, leaving the circulating supply at 589.21 trillion.
Positive Price Expectations from Experts
In light of these developments, experts have provided optimistic forecasts for Shiba Inu. Furthermore, analyses of Shiba Inu’s price suggest that the cryptocurrency could potentially double in value soon.
Analyst Ali Martinez noted that SHIB follows a similar pattern to DOGE, predicting the cryptocurrency could reach $0.00049 in the upcoming days.
Moreover, on-chain data indicates that leading meme coins like DOGE, SHIB, and PEPE may continue to rise in the near future. The fact that investors have not fully engaged in the cryptocurrency market is viewed as a sign of potential future growth.
This rapid increase in SHIBA Inu’s burn rate suggests a potential rise in asset prices due to reduced supply. For investors, the low circulating supply could positively impact price movements, while the overall bullish trend in the cryptocurrency market supports this positive momentum. However, due to the ever-changing market dynamics, it is advisable for investors to remain cautious.
