Shiba Inu Burn Spikes 1000%, SHIB Price Set For 50% Rally?
Shiba Inu (SHIB) has seen a dramatic boost in its burn rate, with the Shibburn tracker reporting a staggering 1,088% increase in token burns. This spike in burn activity has been matched by a notable rise in SHIB’s price, which has surged nearly 6% in the past 24 hours, now trading at $0.00001385.
Shiba Inu Price Rises Alongside Increased Token Burns
Recent data from the Shibburn tracker reveals that SHIB token burns began to escalate on Monday, starting with fewer than 20,000 tokens destroyed and rapidly increasing to nearly 100,000 tokens by Tuesday. This surge in burn activity coincides with the launch of a new automated burn mechanism on the Shibarium platform, which channels a portion of gas fees into token burns.
The increased burn rate appears to be positively influencing SHIB’s price, reflecting a favorable market response to these supply reduction measures. At the same time, the Shibarium blockchain has achieved a record 418 million transactions, potentially boosting further interest in Shiba Inu.
As a result of this heightened burn activity, SHIB’s market price has risen from $0.00001307 to $0.00001385. This price increase mirrors a broader recovery in the cryptocurrency market and seems closely linked to the recent uptick in token burns.
Price Analysis: Is a 50% Rally Possible?
SHIB’s current trading price reflects a rebound from its lowest points this year, driven by the recent burn mechanism and favorable market conditions. Analysts are watching a crucial resistance level at $0.00001526, believing that surpassing this point could pave the way for a potential 50% increase in SHIB’s price.
The optimistic outlook depends on continued demand for SHIB as it nears key technical milestones. However, if the price fails to break through this resistance level, support around $0.00001227 may hold, offering a stable base as investors reevaluate SHIB’s value amid ongoing developments.
Shytoshi Kusama’s Recent Updates
Recently, Shytoshi Kusama has reaffirmed his commitment to remaining anonymous, underscoring his dedication to the community-driven principles of Shiba Inu. Kusama’s choice to maintain anonymity is in line with Shiba Inu’s decentralized ethos, emphasizing the project’s focus on collective, community-led efforts. His leadership remains centered on advancing the Shibarium blockchain and enhancing the token’s functionality, which continues to bolster the project’s position in the market.
Following Kusama’s reaffirmation of his preference for anonymity, Lucie, the marketing lead for SHIB, defended his decision on X. She contended that Kusama’s contributions and ethical stance are more significant than the potential drawbacks of his anonymity. Lucie highlighted the team’s unwavering commitment and integrity over the past three years, despite some criticisms and concerns about the possibility of abandonment.
