Shiba Inu Price Eyes 1200% Rally As SHIB Burn Rate Rockets 3700%

The Shiba Inu price is gearing up for a massive rally amid positive market trends. Notably, the SHIB burn rate also noted a massive surge of over 3700% today, indicating a bullish momentum ahead for the crypto. Besides, the shifting focus of the market participants towards the meme coin sector amid this bull run also signals a further rally ahead.

SHIB Burn Rate Rockets 3700% Sparking Market Optimism

The SHIB burn rate recently noted a massive spike despite a Shiba Inu price retreat. Notably, according to Shibburn data, the Shiba Inu burn rate skyrocketed 3772% in the last 24 hours, with over 13.56 million tokens burnt. Notably, the highest burn comes from the address “0x14b….e61b5”, alone burning 10 million tokens.

This massive spike in burn rate indicates a bullish momentum ahead for the crypto. For context, the burning of tokens indicates a decreasing supply of the token from the market, which in turn helps in increasing the value of the asset. Considering that, the burn rate appears to have boosted the market sentiment, potentially hinting at a potential rally ahead.

Now, with the recent burn, a total of 410.74 trillion tokens have been burnt from the initial supply. With this recent burn, now the current SHIB circulating supply stands at 584 trillion. However, despite the massive daily surge in burn rate, the weekly rate was down 88%, with about 359.47 million tokens burnt in the last seven days.

Meanwhile, some other Shiba Inu on-chain metrics remain bearish, which could be a cause for concern for SHIB holders. IntoTheBlock data shows that the net network growth, concentration, and large transactions metric are all bearish. This is significant considering how these metrics could also spark a significant price rally when bullish.

Shiba Inu Price To Rally 1200%?

The latest SHIB price was down 3% during writing and exchanged hands at $0.0000281, with its trading volume declining 25% to $1 billion. Notably, the crypto has touched a 24-hour high and low of $0.00002929 and $0.0000275, respectively. Notably, the top meme coin recorded a monthly surge of over 15% in the last 30 days.

However, Shiba Inu Futures Open Interest declined nearly 10% to $95 million, indicating that the investors are taking a pause. However, despite the bearish sentiment noted, a recent SHIB price analysis hints at a potential 1200% rally ahead, sparking market optimism.

Besides, another Shiba Inu price analysis hints that the top dog-themed meme coin could double in the near future. The SHIB analysis noted a surge in the large holders’ concentration, which indicates a bullish momentum ahead for the crypto. Considering that, it appears that the future trajectory of SHIB remains strong despite the recent dip.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.