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The popular dog-themed altcoin Shiba Inu (SHIB) is catching the eye of cryptocurrency investors with its significant signals. Particularly, the increase in the token burn rate during the weekly timeframe is carefully monitored by investors as it coincides with the general market recovery following Bitcoin‘s (BTC) fourth block reward halving. This increase in Shiba Inu’s token burn rate reflects a decrease in the circulating supply of the altcoin, thereby potentially influencing market dynamics and increasing optimism.
Token Burn Rate Surges Over 176% in Last 7 Days
Shiba Inu’s mainnet asset SHIB has shown a roughly 6% increase in the last 24 hours, sending bullish signals to the cryptocurrency market and leading to speculation about its future price trajectory. Recent analysis by experts points to a potential rise to the $0.00004 level, sparking interest among investors.
A platform that tracks token burns for Shiba Inu, Shibburn, reveals that 714.13 million SHIB tokens were burned in the last 7 days, resulting in a significant 176.33% increase in the weekly token burn rate. This reduction in SHIB supply, combined with the total amount burned from the initial supply reaching 410.72 trillion, is emerging as a serious bullish factor for the altcoin.
The largest token burn event in the last 7 days was recorded on April 14th, with 650 million SHIB tokens burned, significantly contributing to the increase in the token burn rate over the last 7 days. Strong token burn activity, supported by on-chain data indicating an upward trend for the altcoin, appears to be bolstering SHIB’s price increase.
Short-Term Target of $0.00004 Expected
Currently, SHIB’s price is at $0.0000227, with a 4.67% increase in the last 24 hours. Despite corrections prior to Bitcoin‘s fourth block reward halving and recent dips below the $0.00002 threshold, SHIB’s price has shown resilience and is following the general market recovery post-halving.
Technical analysis shows SHIB demonstrating strength and moving with positive momentum. As a result, with increased demand pressure, the altcoin’s price has risen to $0.000023. Additionally, technical analysis indicates a potential rally for SHIB, further supported by optimistic market sentiments following Bitcoin’s block reward halving.
Looking ahead, if the bullish trend continues, SHIB is expected to target $0.00004 in the short term. However, considering past data and market trends, a prolonged consolidation phase post-halving is likely, suggesting that the price may predominantly move sideways for some time.
