Shiba Inu, a popular meme coin, has seen its burn rate surge by 1500%, providing some support to the token amidst market volatility. Recent data suggests that approximately 34 million Shiba Inu coins were removed from circulation, sparking speculation about a potential price recovery to previous highs. Despite losing over 50% of its value since the start of the year, the meme crypto’s burn rate surge has offered a glimmer of hope to traders and investors.
The recent surge in Shiba Inu burn rate has fueled optimism in the market, with official tracker Shibburn reporting that 34.21 million tokens were burnt in the past 24 hours. This increase of 1538% in burn rate has led market participants to view it as a bullish price dynamic, with hopes of a potential price recovery in the near future. The total number of coins removed from circulation to date stands at 410.73 trillion tokens, while 584.36 trillion tokens still remain in circulation.
Despite the positive burn data, Shiba Inu’s price has not seen a significant increase, with the meme coin trading down over 5% and resting at $0.00001093. Market concerns have been raised as the price continues to fluctuate despite the bullish support from the burn. While weekly and monthly charts show a dip in price, a top analyst remains bullish on the token, predicting a potential upside movement of +550%.
Crypto analyst Javon Marks has maintained a target price of $0.000081 for Shiba Inu, asserting that the token has the potential for a significant price increase. However, the analyst emphasizes the importance of macro support and market conditions for this prediction to come to fruition. The chances of a price recovery to previous highs will rely on factors such as consistent Shiba Inu burns and broader market trends. Traders and investors are keeping a close eye on the meme coin, anticipating a shift in price action in line with market developments.
