As a seasoned analyst with over two decades of experience in the financial markets, I must say that the surge in Shiba Inu’s burn rate is indeed a bullish sign. The significant increase in the number of coins being burnt suggests a strong accumulation trend among investors – a trend that often precedes price increases.
Over the past 24 hours, the rate at which Shiba Inu (SHIB) tokens are being destroyed has significantly increased, pointing towards a positive trend for this popular meme cryptocurrency. This surge also indicates that investors who support Shiba Inu, often referred to as ‘bulls’, are re-entering its market.
Shiba Inu Burn Rate Surges By 81%
According to Shibburn’s tracking data, the rate at which Shiba Inu tokens are being destroyed (or ‘burnt’) has significantly increased over the past day and week. Specifically, there was a 81% increase in the burn rate within the last 24 hours, with approximately 3.7 million coins being eliminated during this period. Even more remarkably, the burn rate has skyrocketed by around 3600% in the last seven days, resulting in the destruction of nearly 2 billion tokens.
The rapid increase in Shiba Inu’s burn rate is quite notable, suggesting that bullish traders are once again active within the meme coin’s market. Given that an accumulation trend often triggers a rise in transactions, it’s common to see more SHIB tokens being destroyed as investors stockpile the meme currency. Furthermore, data from the market intelligence platform IntoTheBlock suggests that large Shiba Inu investors have been actively purchasing the meme coin.
In just the past seven days, there’s been a significant increase of more than 13% in large transactions involving Shiba Inu tokens. During this period, an astounding amount of trillions of these tokens have changed hands. Over the last day alone, these active traders have moved around two trillion SHB tokens. Additionally, the highest volume of large transactions was recorded on September 26, with a staggering nine trillion SHIB tokens being traded on that day.
The price of Shiba Inu has similarly followed these bullish trends, increasing by more than 26% over the past week. October is anticipated to see this growth continue, as the meme coin may be on the brink of a significant upward trend. Historically, Shiba Inu has consistently seen positive monthly returns in October, and this year looks set to follow suit.
In addition, it appears that the overall cryptocurrency market trend is optimistic, potentially leading Shiba Inu to set new record highs next month. Notably, some analysts predict that Bitcoin (BTC) could recover and reach around $70,000 again by October. Given Shiba Inu’s close association with BTC, it seems poised to follow suit as the market leader gains momentum.
SHIB Can Rise To As High As $0.000081 Soon Enough
Crypto analyst Javon Marks has predicted that the meme coin can rise to as high as $0.000081 soon enough. He claimed its price had responded massively after noticing multiple confirmed hidden bullish divergences. In line with this, he added that an extended rally towards $0.000081 looks to be in progress.
As an analyst, I’ve observed a staggering 300% surge in the value of Shiba Inu. Earlier predictions suggested that this cryptocurrency might eliminate another zero from its price during this bull run. This implies that even after hitting $0.000081, Shiba Inu could potentially climb higher still.
It’s worth noting that crypto expert Smile has forecasted that the value of the meme coin could potentially reach $0.05 by 2025. But for it to even come close to this price, a substantial amount of Shiba Inu coins currently in circulation would need to be destroyed or ‘burnt’.
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2024-09-30 13:16