Shiba Inu (SHIB) price, a popular meme coin, has seen an impressive 30% surge over the past month. This upward trend reflects growing investor confidence and market optimism about SHIB’s future potential. Despite broader market fluctuations, SHIB remains a standout performer within the meme coin sector, showcasing promising growth patterns. The notable growth momentum is further supported by a dramatic 6070% increase in token burns, signaling heightened demand and limited supply.
Shiba Inu Price Set for Big Gains as Burn Rate Soars 6070%
Shiba Inu price is poised for a potential breakout, fueled by a dramatic rise in its token burn rate. Recent data from Shibburn revealed a staggering 6070% increase in Shiba Inu tokens burned within 24 hours. This surge removed approximately 4,187,786 $SHIB tokens from circulation on Tuesday alone.
The ongoing token burns have pushed the total number of burned SHIB tokens to over 410 trillion. Meanwhile, Shiba Inu’s circulating supply remains at 580 trillion tokens, underscoring the significant impact of the burn mechanism on the cryptocurrency’s ecosystem.
The surge in burn rate coincides with the crypto fear and greed index staying in the green zone, indicating positive market sentiment. Additionally, technical charts show the formation of bullish patterns, adding to the anticipation of a price rally.
Shiba Inu Price Eyes 90% In November
The SHIB price is seeing a positive momentum today, rising by 3% to reach $0.00002546. Over the past 24 hours, the Shiba Inu price has experienced fluctuations but remains in an upward trend.
The Shiba Inu price prediction is encountering significant resistance at the $0.000028 level. However, a surge in buyer activity could push the cryptocurrency past the critical barrier of $0.00003. If this bullish trend gains momentum, the SHIB price might climb substantially, potentially reaching $0.0005 by the end of November. Such a move would represent a staggering 90% increase from its current levels, marking a strong recovery for the meme coin.
The Relative Strength Index (RSI) points to potential bullish trends. With the RSI nearing 65, SHIB is edging closer to overbought territory, signaling growing investor demand.
The whale activity surrounding SHIB has shown notable patterns, with large holders maintaining over $5 million in stablecoins. Recent trends highlight increased whale interest as SHIB prices fluctuated. The graph indicates a significant correlation between price movements and whale accumulation. Market participants are closely watching these developments to assess SHIB’s future momentum.
Shiba Inu price surges 30%, driven by a 6070% token burn spike. With positive market sentiment, bullish technical patterns, and growing whale interest, SHIB could reach $0.0005, marking a potential 90% rally by November’s end.
Frequently Asked Questions (FAQs)
The burn rate reduces circulating supply, increasing scarcity and potential value.
Over 410 trillion SHIB tokens have been burned to date.
Shiba Inu’s circulating supply stands at approximately 580 trillion tokens.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Source: https://coingape.com/markets/shiba-inu-price-poised-for-major-rally-amidst-6070-burn-surge/
✓ Share: