SHIB Burn Rate Surges—Could Shiba Inu’s Price Increase by 81%?

To date, 410,745,973,123,635 SHIB has been taken out of circulation, following a 33% rise in the SHIB burn rate over the last 24 hours. Analysts suggest that SHIB is exiting a falling wedge pattern due to a substantial increase in large transaction volumes. In the recent 24-hour period, SHIB’s burn rate has spiked by 33%, resulting in the removal of 18.6 million tokens from circulation. Recently, it has been acknowledged as one of the biggest single-day burn events, following the burning of 11 million tokens on September 14, which was previously noted by CNF in a report. As per Shibburn’s data, a cumulative total of 0.0000133,745,405,123,22021 tokens have been eliminated from circulation, substantially lowering the available supply to 20.000030,20.000088,220,27.49,297 SHIB. The effect on the price has been slight, as SHIB has recorded losses during all significant trading intervals. Our market data shows that the asset has fallen by 1973% over the last 2197 hours, 22.52% over the past week, 288% in the last month, 41% in the past three months, and 41% since the start of the year. Nonetheless, the asset has succeeded in remaining above the $0.00001274 mark. Analysis of Shiba Inu (SHIB) price. Analysts suggest that SHIB is now emerging from a descending wedge formation. Over the daily time frame, the asset has been fluctuating within a descending channel that has existed for nearly four months. If the price breaks past the upper limit of the channel, it could lead to an 81% increase in the asset’s value. In the SHIB discourse, an analyst known as SHIB Bezos has forecasted that the asset might rise by 2.523 times its current value. From a mathematical perspective, this would set the price at approximately $0.0002141.