Shiba Inu (SHIB) has once again grabbed the crypto spotlight with a staggering surge in its burn rate. According to SHIBBURN, a platform tracking SHIB token burns, the burn rate has skyrocketed by an astonishing 495.55% in the last 24 hours. This latest development has fueled renewed speculation that Shiba Inu may inch closer to the elusive $0.01 price target.
Shiba Inu’s Burn Rate Surge: A Key Catalyst
In a single day, the SHIB community burned over 14,052,230 tokens, significantly reducing the overall circulating supply. With this latest burn, the total number of permanently destroyed SHIB tokens has now reached 410.74 trillion, leaving 584.35 trillion in circulation.
The drastic increase in the burn rate underscores a strategic move toward reducing supply, a well-known mechanism in the crypto space that often precedes price rallies. As the supply diminishes, scarcity tends to push up demand, which in turn can drive prices higher.
Will Shiba Inu’s Price Hit $0.01?
Despite the surge in its burn rate, SHIB is currently trading at $0.00001276, down 1.28% in the past 24 hours. While the token has experienced a 1.76% weekly gain, it remains 17% lower over the past month.
However, technical analysts remain optimistic. ZAYK Charts highlighted that SHIB is breaking out of a falling wedge pattern, a bullish indicator. His projections suggest an 81.63% price surge, potentially reaching $0.00002500. Similarly, another analyst, CW, pointed to SHIB’s bullish structure, forecasting a short-term price target of $0.000034.
Looking ahead, many investors are still eyeing the ambitious $0.01 target. While reaching this milestone requires continued aggressive burns and increasing demand, the recent spike in the burn rate has reignited optimism among SHIB supporters.
Also Read: Shiba Inu (SHIB) Burn Rate Soars 50,000% as Shibarium Nears 10 Million Blocks
Final Thoughts
The latest 500% surge in SHIB’s burn rate has reinvigorated the community’s hopes for a significant price rally. While the road to $0.01 remains long, continued burns and strong investor sentiment could be key catalysts for Shiba Inu’s future growth.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
