SHIB Burn Rate Surges 3,600%, Signaling Potential Bullish Trend for Shiba Inu Price
Highlights:
- SHIB’s burn rate has soared by 3,600% in the past 24 hours, with 35.6 million tokens burned.
- Crypto analyst Shib Spain predicts Shiba Inu could soon retest its all-time high (ATH).
- Despite the burn rate spike, other on-chain metrics remain bearish, requiring improvement for a sustained price rally.
SHIB Burn Rate Skyrockets 3,600%
Shiba Inu’s burn rate experienced an explosive 3,600% increase over the last 24 hours, according to data from Shibburn. During this period, 35.6 million SHIB tokens were burned across two significant transactions—15.5 million and 11.1 million tokens, respectively.
Token burns generally present a bullish case for SHIB’s price by reducing the circulating supply, which could increase value. This boost comes at a time when Shiba Inu’s price has been stagnant, unlike other meme coins such as Dogecoin and PEPE, which have achieved notable rallies in the current market cycle.
Shiba Inu Price Outlook
Despite SHIB’s subdued price action, analysts remain optimistic about its potential for a bull run. Crypto analyst Shib Spain highlighted that SHIB is currently navigating a key resistance zone between $0.000027 and $0.000030. Once this resistance is broken, Shiba Inu is expected to surge toward its all-time high (ATH).
A recent CoinGape analysis suggested that SHIB could rally to its ATH as early as January, supported by Bitcoin’s recent price rally. However, for this to materialize, Shiba Inu must first break past the $0.000030 level to sustain its bullish momentum.
Challenges from On-Chain Metrics
While SHIB’s burn rate is encouraging, other on-chain metrics present a more bearish outlook. According to IntoTheBlock data, the “Concentration” and “Large Transactions” metrics show that crypto whales are currently hesitant to invest in SHIB.
Additionally, the “In the Money” metric, which tracks the profitability of current holders, indicates that many holders may begin offloading their tokens, creating selling pressure. The “Net Network Growth” metric, also bearish, highlights a lack of new investor interest in the Shiba Inu ecosystem.
Conclusion
The sharp rise in SHIB’s burn rate offers a promising sign for its price trajectory, but significant hurdles remain. Without improvements in on-chain metrics and increased investor confidence, Shiba Inu’s path to a sustained price rally will be challenging. For now, breaking above key resistance levels and reigniting investor interest will be critical for SHIB to reach its bullish potential.
