Can Shiba Inu Price Breakout 300%? 128M SHIB Burn Sparks Optimism

Coingapestaff
February 22, 2025
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Can Shiba Inu Price Breakout 300%? 128M SHIB Burn Sparks Optimism

Highlights

  • Market watchers are optimistic about a Shiba Inu price breakout ahead amid constant burns.
  • Notably, 128 million coins were removed from the supply over the past week.
  • SHIB chart technicals show strong market support for the token.

Shiba Inu price remains bullishly eyed by traders and investors despite the broader market volatility as its burning chronicles constantly kill supply. The latest burn metrics indicated that nearly 128 million SHIB was burnt over the past week. In turn, market sentiments about the dog-themed meme coin’s future outlook remain bullish, with technicals further highlighting that a potential 300% breakout looms.

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Can Shiba Inu Price Leverage SHIB Burn Impact?

Shiba Inu price has been trading sluggishly against the backdrop of broader crypto market trends for quite a while now. The meme coin was down 2.5% to $0.00001522 as of press time, whilst its weekly and monthly losses totaled 9% and 24%, respectively. It’s noteworthy that this waning action primarily aligns with broader trends, such as macroeconomic heat over the past month and the recent Bybit hack.

Nevertheless, current burn metrics underscored a significant blow to the asset’s circulating supply, sparking investor bullishness. As per Shibburn’s X post on February 22, a whopping 128.22 million coins were burnt in the last week. Per this data, the supply reduction resulted in a 120.3% uptick in the weekly SHIB burn rate.

Market watchers weigh substantial optimism in light of this burn rate surge, aligning with the law of supply of supply and demand. For context, the meme coin’s burn mechanism sends tokens to a null address, thereby permanently removing them from the circulating supply by making retrieval impossible.

How Much SHIB Burnt To Date?

Upon further investigation, CoinGape found that 410.72 trillion Shiba Inu coins were burnt to date, which is bullish news for the leading meme coin‘s price watchers. The circulating supply at the time of reporting was evaluated as 584.30 trillion tokens.

SHIB Burn data
Source: Shibburn site

Meanwhile, the community registered 180.59 million tokens burnt this month (February), with approximately 90 burn transactions recorded. Besides, the previous month saw a whopping 1.16 billion tokens removed from the supply via 124 burn transactions. Altogether, the massive blow to the supply has pushed investors to be optimistic about Shiba Inu price despite its sluggish performance.

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Is SHIB Eyeing 300% Breakout?

A recent SHIB price analysis by CoinGape Media further revealed that the meme coin could surge nearly 300% ahead amid strong market technicals. As the token sees heightened active addresses and whale activity, on-chain metrics reflect rising market optimism.

Further, the asset’s MVRV ratio also aligns with bullish historical trends, entering the opportunity zone. Back then, the same scenario resulted in a 55% pump, per the analysis. However, traders and investors exercise some caution as past trends do not always guarantee future performances.

Also, Shiba Inu price recently showcased signs of forming an inverse head-and-shoulders pattern. This pattern formation indicates that a possible trend reversal from bearish to bullish looms. Given that the crypto market recovers ahead, SHIB could take charge and lead, per the analysis. Key resistance for the token lies near $0.0000326, a sustained hold above which bolsters the path for 300% gains.

SHIB price analysis
Source: CoinGape
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.