SHIB Burn Rate Skyrockets by 3839%: What’s Next for SHIB Price?

SHIB Burn Rate Surges 3839%, Driving 6% Price Increase

Shiba Inu is experiencing a significant surge in its burn rate, with an incredible 3839% increase over the past 24 hours. In just one day, approximately 88 million Memecoin tokens were burned, a key event that has driven up Meme coin price by 6%. This substantial spike in the burn rate is primarily attributed to a whale wallet, which contributed the majority of the burned tokens, with 85,957,545 Meme coin being destroyed by this single account.

SHIB Burn Rate Soars: Will SHIB Price Rally More?

An increase in the rate of burning the SHIB coin is a positive sign on the sustainability of the token. The burn rates have always been an important factor in the price of Shiba Inu since the burns contribute to decreasing the amount of circulating supply that may result in possible future price growth. This burning incident has assisted Shiba Inu to remain in the range of the $0.000013 mark.

Source: Shibburn data

Nonetheless, the most recent burn introduced by the whales is not the highest of recent times. Only several weeks ago, one whale burned 600 million Meme coin tokens, the largest over the last month. Moreover, a single large burn of 18 million Meme coin tokens took place on July 29, which is also indicative of the persistence of interest in reducing the total supply.

The current supply of Shiba Inu is currently over 589 trillion and over 410 trillion coins have already been burnt after it was initially minted. Due to the constant burns and increasing attention in the market, Memecoin price may experience further upswing.

Shiba Inu Price Prediction: Can SHIB Surge Above $$0.000015 Soon?

The Shiba Inu price has been experiencing a notable increase recently, with the cryptocurrency showing significant bullish movement over the past few hours. As of now, SHIB is trading at around $0.00001386, reflecting a modest yet consistent 5% price surge. This price action is occurring within a well-defined 4-hour trading chart, showing promising signs for traders looking for short-term gains.

The Relative Strength Index (RSI), Relative Strength Index (RSI) Indicator is at 60.71. This level means Meme coin is in a moderately bullish wave as a level above 50 in RSI indicates that buying pressure is stronger than selling pressure.

Further, the MACD (Moving Average Convergence Divergence) depicts a bullish crossover, signalling that the momentum is still in the positive and strong enough for bigger potential upward movement. Investors would likely watch for the volume to continue to rise as another indicator that the uptrend could be sustained.

Source: Tradingview

Technical indicators are showing that SHIB is encountering a resistance area. Levels to watch are the $0.000014 and $0.000015 handle. Breaking above these areas would push the price towards the following resistance at $0.000018. On the downside, the support areas is around $0.00001350, and then $0.000013.