Shiba

Burn

Spike

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inu-price-surges-after-burn-rate-spike" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Price Surges After Burn Rate Spike</a><br></p>
<p style="text-align: justify">In a period of market stabilization, the Shiba Inu (SHIB) cryptocurrency has experienced a notable 3% price increase in the past 24 hours. This uptick is largely due to an impressive 450% surge in the burning rate, which has led to the elimination of approximately 2.9 million SHIB tokens from circulation.</p>
<h2 id="what-is-the-mechanism-behind-the-burning-rate">What Is the Mechanism Behind the Burning Rate?</h2>
<p style="text-align: justify">The SHIB burning rate is an intentional effort to decrease the total supply of tokens available. By directing certain amounts of SHIB tokens to a designated burning address, the development team permanently takes them out of circulation.</p>
<h2 id="how-has-the-market-reacted">How Has the Market Reacted?</h2>
<p style="text-align: justify">As a result of the increase in the burning rate, a total of 2,903,600 coins have been permanently removed, positively impacting the current trading price of SHIB, which now stands at $0.00001778, along with a market capitalization of $10.48 billion. Since the launch, a staggering 410,730,861,486,725 SHIB tokens have been burned, drastically reducing the circulating supply.</p>
<p style="text-align: justify">The price fluctuations for SHIB last week included a setback at the $0.000017 mark. However, the weekly chart reflects a 5% rise, and the monthly chart indicates an impressive 32% jump, primarily driven by a resurgence in interest in meme coins.</p>
<h2 id="what-do-analysts-predict-for-shib">What Do Analysts Predict for SHIB?</h2>
<p style="text-align: justify">Market analyst Cantonese Cat has identified Shiba Inu as a promising altcoin for investment, highlighting a unique buying signal from the “L3 Banker Fund Flow Trend Oscillator.” This indicator has historically preceded significant price increases for SHIB.</p>
<p style="text-align: justify">According to Fibonacci retracement analysis, SHIB might be on the verge of a substantial upward trend, aiming for a target price of around $0.00047. Nonetheless, analysts caution that overcoming key resistance levels will be crucial for achieving this target.</p>
<ul>
 <li>The recent increase in the burning rate is a pivotal factor for SHIB’s price growth.</li>
 <li>Analysts project a potential price target of $0.00047 for SHIB.</li>
 <li>The growing interest in a possible Shiba Inu ETF could further influence market dynamics.</li>
</ul>
<p style="text-align: justify">The combination of a heightened burning rate, positive market signals from analysts, and the potential for an ETF have positioned SHIB for potentially significant movements in 2024, making it an intriguing prospect for investors.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/shiba-inu-price-surges-after-burn-rate-spike" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Price Surges After Burn Rate Spike</a></h5>

Shiba Inu Price Surges After Burn Rate Spike

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