In the Shiba Inu ecosystem, a sudden spike in coin burn data and technical signals on the price front have redirected the market’s attention back to SHIB. Recent figures shared by Shibburn, which tracks on-chain data, revealed a triple-digit increase in the daily coin burn rate. Coupled with price expectations from the team, these developments have heightened investor interest. Social media assessments suggest that technical formations might indicate an upward breakout. Despite the limited burn amount, all these developments show a potential price movement for the SHIB coin.
Sharp Increase in SHIB Coin Burn Rate
Recent 24-hour on-chain data indicate a notable acceleration in the coin burn activities within the Shiba Inu community. According to Shibburn data, the daily SHIB burn rate surged by 249.37%, marking a significant rise compared to previous days. Burn transactions were executed under community-driven mechanisms within the Shiba Inu ecosystem, aiming to reduce supply, and the data was shared globally for accessibility.
Despite the sharp rise in the burn rate, the amount of coins destroyed remained relatively limited. In the last 24 hours, a total of 432,211 SHIB were removed from circulation, staying below the half-million mark. The previous significant burn transaction was recorded three days ago, with approximately 2.94 million SHIB burned at that time. Although the percentage increase is high, the absolute amount is not yet sufficient to independently alter market equilibrium.
Technical Breakout Expectations on the Price Front
Parallel to the activity in coin burn data, optimistic signals have emerged on the price side. Anonymous crypto analyst SHIB KNIGHT, through his analysis shared on social media platform X, claimed that SHIB broke upwards from a descending wedge formation and might enter a bullish trend. He stated that the target for this technical setup could be the $0.00001200 level.
Lucie, a prominent figure in Shiba Inu’s marketing team, also supported this assessment. In her comment below the post, she expressed her liking and approval of the projected price target. Market data shows that SHIB rose to $0.00000912 during the week, then retracted, now trading around $0.00000871. Technical analyses reveal that the price is still in a short-term search for direction, while rising expectations keep volatility alive.
