Shiba Inu (SHIB) just saw a huge jump in its burn rate, soaring over 2,000%. The SHIB community always believes that burning tokens or removing them from circulation can help push the price higher. But is this latest burn enough to make a real impact?
According to Shibburn, around 14.2 million SHIB tokens were burned. Most of this came from a single wallet, “0x541f…886e0,” which burned 13 million SHIB. While it sounds like a lot, it’s just a tiny fraction of the total supply.
Since Shiba Inu (SHIB) launched, the community has burned 410.7 trillion tokens. However, because SHIB started with a 1 quadrillion supply, hundreds of trillions of tokens are still in circulation. Even with this latest burn, the supply remains huge, so burns alone won’t trigger a price rally.
Price Prediction: What’s Next For Shiba Inu Price?
Shiba Inu is currently trading at $0.00001530, down 4.20% in the last 24 hours. Over the past week, it has also dropped 5.15%, following the general market trend.
Despite this, some analysts believe SHIB could see a big comeback. Popular analyst Javon Marks pointed out an important development: SHIB appears to have broken out of a notable falling wedge pattern, a technical indicator that often signals a bullish reversal.
Javon believes this breakout could push SHIB up by over 422%, possibly reaching $0.00008841 or even higher in the near term. This analysis offers investors and crypto traders hope, showing that the current bearish price performance might come before a significant rally.
Will SHIB Ever Reach $0.01?
Burning tokens alone won’t be enough to get SHIB to these high price targets. This is where new projects and upgrades can make a difference. The Shiba Inu team is working on new things to improve the Shiba Inu (SHIB) ecosystem and keep people excited. One big project is Shibarium, a layer-2 solution that makes SHIB transactions cheaper and faster.
They’re also building other crypto trading and payment tools to help Shiba Inu grow and stay useful. However, SHIB still needs more demand to reach $0.01, about a 64877% increase from its current level.
However, the Shiba Inu coin only needs an increase of about 11,000% from its $0.00008845 all-time high recorded in October 2021, which is possible if it replicates its 2021 bullish performance in this bull cycle.
One factor that might contribute to the SHIB price increase is if more people start using and holding SHIB rather than just trading it.
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