Shiba Inu News: SHIB Burn Rate Rockets 3500%, 160% Rally Possible?

The latest Shiba Inu news painted a bullish outlook with the daily SHIB burn rate skyrockecting by 3500%. This brought the total supply of Shiba Inu coins to 589,247,910,639,779.

The development coincided with market analyst Javon’s 160% price forecast to $0.000032. At the time of writing, SHIB was trading at $0.00001260 after a daily uptick of 3.70%.

Shiba Inu News: SHIB Burn Rate Grows by 3500%

After yesterday’s staggering 13,977% increase in SHIB burn rate, the meme coin’s burn rate once again recorded a notable growth of 3500%.

The increasing rate implies a dramatic deflationary effect that could translate into massive price gains as the meme project seeks to reduce overall supply.

Meanwhile, the growing rate of the burn mechanism comes on the background of Shiba Inu’s maturing governance model, which recently saw a majority of token holders vote for more burns if the price of BONE exceeds $2.

The goal of this strategic move was to balance between network incentives and deflationary pressure. Commenting on Shiba Inu’s elections as the first step to a decentralized vision, Kaal said,

“Shib was never meant to be controlled or tamed by one individual—it’s the essence of decentralization, the core principle that has driven us this far.”

According to recent historical data, similar surges in burn rates on July 31 and August 1 coincided with an uptick in on-chain activity. However, the activity was not reflected in the price of the Shiba Inu coin.

Nonetheless, the network improvement mirrors a broader sentiment for pure decentralization as the meme project celebrates its fifth anniversary.

Shiba Inu Coin Eyes a 160% Rally

Shiba Inu price might be heading for a 160% rally, as per an analysis by Javon Marks.

The analyst derived the figure after a double bottom formation was spotted on the 2-day SHIB/USD chart, which suggests a successful breakout could skyrocket to $0.000032.

There is also evidence of a bull fractal that previously triggered Shiba Inu’s price rally to the same level towards the end of 2024.

If the setup is successful, expect the price of the meme coin to retest a previous multi-month high.

However, a rally like this one depends on the meme coin’s ability to overcome medium-term selling pressure and flip the resistance around $00001614 into a support zone.

This also relies on whether buyers will step in and support the uptrend.

Market analyst Jonathan Carter hinted at the possibility of accumulation near the breakout zone. It’s where Shiba Inu’s price broke above the descending channel pattern, earlier.

According to Carter, provided the coin manages to sustain momentum above this level, it would push it towards the four major targets mentioned on his tweet below.

In other Shiba Inu news, SHIB holders started demanding for a change of Shiba Inu’s top leadership, where community members stated that Shytoshi Kusama lacked accountability.

Among those who voiced their opinion is WoofSwap, who said on X that the meme project needs a strategic leader with strong communication skills and super-responsive to community concerns.

Some of the other concerns around Kusama was his involvement in side projects SHY. Commenters complained this was more of a self-serving distraction than participating in activity that would benefit the overall Shiba Inu ecosystem.

On Tuesday, Shiba Inu released an announcement about the upcoming elections for the appointment of an interim president and the establishment of DAO councils.

Candidates vying for the various seats were advised to submit detailed profiles, which would be reviewed and shortlisted.

The community members holding SHIB, LEASH, BONE and TREAT would make the final decisions.