Under positive market trends, Shiba Inu's price is poised for a significant rise. Notably, SHIB's burn rate has also surged over 3700% today, indicating bullish momentum for the cryptocurrency. Moreover, in this bull run, market participants shifting their attention to the meme coin sector also suggests a further rebound in the future.
SHIB burn rate rockets 3700% sparking market optimism
Despite the pullback in Shiba Inu's price, the SHIB burn rate has recently surged significantly. Notably, according to Shibburn data, Shiba Inu's burn rate skyrocketed by 3772% over the past 24 hours, burning over 13.56 million tokens. It is worth mentioning that the highest burn came from address '0x14b….e61b5', which burned only 10 million tokens.
A significant surge in the burn rate indicates bullish momentum for the cryptocurrency. In context, the burning of tokens signifies a reduction in the supply of tokens in the market, which in turn helps to increase the value of the asset. Taking this into account, the burn rate seems to boost market sentiment and may hint at a potential rebound in the future.
Now, with the recent burn, a total of 4.1074 trillion tokens have been burned from the initial supply. Following the recent burn, the current circulating supply of SHIB is 5.84 trillion. However, despite the burn rate rising significantly each day, the weekly burn rate has decreased by 88%, with approximately 359.47 million tokens burned in the past seven days.
Meanwhile, some other on-chain metrics for Shiba Inu still appear bearish, which may raise concerns among SHIB holders. Data from IntoTheBlock shows that net growth, concentration, and large transaction indicators are all bearish. It is important to note that these indicators can also trigger significant price increases when bullish.
Will the price of Shiba Inu rise by 1200%?
The latest SHIB price has dropped 3% during the writing, settling at $0.0000281, with trading volume down 25% to $1 billion. Notably, the cryptocurrency has hit 24-hour highs and lows of $0.00002929 and $0.0000275, respectively. It is worth mentioning that over the past 30 days, the top meme coin has seen a monthly growth rate of over 15%.
However, the Shiba Inu futures open interest has dropped nearly 10% to $95 million, indicating that investors are pausing. However, despite the bearish sentiment, recent SHIB price analysis suggests a potential increase of 1200% in the future, sparking optimism in the market.
Additionally, another Shiba Inu price analysis suggests that the top meme coin themed around dogs may double in the near future. The analysis of SHIB indicates a surge in the concentration of large holders, suggesting a bullish outlook for the cryptocurrency. Considering this, despite the recent decline, SHIB's future trajectory still appears strong.
