The altcoin Shiba Inu (SHIB) has become a focal point in the cryptocurrency market, showing a remarkable potential for price surges according to recent analyst comments and technical indicators. The recent sharp increase in coin burn rates and positive signals from market data have generated excitement among traders.
Possibility of 17x Increase on the Table
Shiba Inu’s price movements have caught the attention of analysts once again. Crypto analyst CryptoELITES suggested that there could be a 17-fold increase in SHIB’s price. The analyst indicated on social media platform X that Shiba Inu could make a significant leap from its current levels.
According to CryptoELITES, Shiba Inu is currently in a strong buying zone. Specific technical formations observed in the charts indicate that the altcoin may have hit the bottom and that buying pressure could increase. Such signals have historically been precursors to significant price increases.
In addition to technical indicators, positive changes in market dynamics are also boosting investors’ risk appetite. Rising price expectations have made Shiba Inu an attractive option once again, especially for short-term traders.
Coin Burns Reduce the Supply of the Altcoin
Another notable development in the Shiba Inu ecosystem is the dramatic increase in coin burn rates. In the latest trading session, approximately 15.18 million SHIB coins were burned, removing them from circulation. This represents a record increase of 1,866% compared to previous periods.
Coin burns can create upward pressure on prices due to the reduction in circulating supply. If the supply decreases while demand remains stable or increases, prices are expected to rise according to economic principles. Investors are closely monitoring this mechanism and trying to price in potential effects.
The rapid acceleration of coin burning has created a positive atmosphere within the Shiba Inu community while visibly increasing pressure on the altcoin’s price. This development further strengthens the expectations of SHIB investors.
Market Performance of Shiba Inu and Future Expectations
Recently, Shiba Inu has performed stronger than one of its main competitors, Dogecoin 
$0.08453, in the short term. SHIB has gained 5% daily and 19% weekly, while Dogecoin’s value increase during the same period has been more limited. This divergence has become a significant factor attracting investors’ interest in Shiba Inu.
Market analysts emphasize that technical indicators and strong buying signals could play a crucial role in price movements. In particular, there is speculation that Shiba Inu may make a move toward the $0.00003 level in the short term. These expectations open doors for new positions among investors.
Furthermore, the overall optimistic sentiment in the market supports the buying pressure on Shiba Inu. Growing expectations and supply-reducing developments have rekindled interest in the altcoin.
