Shiba Inu Price Surge: Burn Rate Soars 62,000%—Is 50% Next?
Shiba Inu (SHIB), one of the most popular meme-based cryptocurrencies, has witnessed a dramatic increase in its burn rate, surging by an astonishing 62,000% in just 24 hours. This unprecedented spike in token burning has ignited speculation about the possibility of a significant price rally, with some enthusiasts wondering if a 50% price surge could be on the horizon.
Massive Token Burn Boosts Optimism
According to on-chain data, over 505.6 million SHIB tokens were burned in a single day, removing them permanently from circulation. The surge in the burn rate was primarily driven by a massive transaction in which 459.3 million SHIB were sent to a dead wallet, significantly reducing the circulating supply.
The Shiba Inu community has long advocated for large-scale token burns as a strategy to enhance SHIB’s scarcity and, in turn, boost its price. Given that the burn rate has now spiked dramatically, market watchers are keen to see if this will translate into higher valuations for the token.
SHIB Price Outlook: Can It Rally 50%?
As of the latest market data, SHIB is trading around $0.0000126, reflecting a minor 3.69% decline in the past 24 hours. However, despite this short-term dip, the token has shown resilience in the past, often responding positively to significant burns and growing investor enthusiasm.
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Technical analysts suggest that if SHIB can break key resistance levels near $0.000015 and sustain bullish momentum, a potential 50% rally toward $0.0000189 or even higher could be feasible. However, market conditions, including broader cryptocurrency trends and investor sentiment, will play a crucial role in determining the token’s next move.
Whale Activity and Market Sentiment
Apart from token burns, whale transactions and large-scale accumulation by institutional and retail investors are also key factors influencing SHIB’s price action. Recent data indicates a surge in whale activity, with several large holders accumulating SHIB in anticipation of further gains.
Furthermore, the growing adoption of the Shibarium Layer-2 network and the expansion of SHIB’s utility within the ecosystem could serve as additional catalysts for long-term growth. Developers have been actively working on integrating SHIB into various DeFi platforms, gaming applications, and payment solutions, further boosting its appeal.
Final Thoughts
While the recent burn rate explosion has sparked optimism within the SHIB community, it remains to be seen whether this will directly translate into a 50% price rally. Investors should closely monitor key resistance levels, whale activity, and overall market trends before making any trading decisions.
As SHIB continues its journey toward greater adoption and utility, the coming weeks could prove crucial in determining whether this latest burn event is a turning point for its price trajectory.
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