Shiba Inu is a leading dog-themed meme cryptocurrency that has captured the attention of crypto traders and investors across the cryptocurrency market on April 20 due to an impressive increase in its weekly token burn rate.
This notable spike in token burning occurred as the broader cryptocurrency market began to recover following a halving event, significantly impacting the meme coin’s dynamics. The surge in Shiba Inu’s weekly burn rate contributed to a positive sentiment among market participants.
In the last 24 hours, SHIB surged nearly 3%, creating bullish waves in the cryptocurrency market. Moreover, investors are now keenly watching the token’s future price movements. However, this is an in-depth analysis of the crucial market dynamics for the world’s second-largest meme cryptocurrency, focusing on its key cryptographic metrics.
Shiba Inu’s Massive Weekly Burn Sparks Investor Excitement
Shibburn’s latest data reveals that the Shiba Inu community has successfully burned over 700 million SHIB Coins in the last week, resulting in a significant 176.33% increase in the weekly burn rate. The total supply of Shiba Inu was reported to be 589.27 trillion SHIB, with the recent burn contributing to this figure.
This is seen as a positive move for the token, with the decreasing supply leading to an increase in demand and affecting market dynamics. The biggest burn transaction recorded last week was 650 million SHIB on April 14, which mainly contributed to the spike in the weekly burn rate.
Shiba Inu Price Skyrockets
According to CoinMarketCap, the Shiba Inu Coin has experienced a 3% increase in value over the last 24 hours and is currently trading at $0.00002305. Notably, the SHIB Token underwent significant corrections before the Bitcoin halving, falling below the $0.00002 threshold.
The following Bitcoin halving event on April 20, as signs of recovery appeared across the crypto market, SHIB’s price also increased, aligning with the general upward trend in the crypto space.
Additionally, the daily chart analysis shows a bullish reversal pattern, suggesting a potential rally for Shiba Inu tokens, supported by optimistic market sentiments following the halving.
As per our technical and price analysis, the SHIB Coins has the potential to reach a maximum price of $0.0000657, and with an average price level of $0.0000581 by the end of 2024. However, if the overall crypto market faces any major bearish environment, the SHIB Coin can drop down to $0.0000478 by 2024.
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
