Sign Up on MEXC
Highlights
- Whale activity shows a correlation with Shiba Inu price and increasing SHIB accumulation.
- SHIB token burn rate surged 6070%, boosting scarcity and demand.
- Technical indicators highlight bullish momentum, signaling a potential breakout.
Shiba Inu (SHIB) price, a popular meme coin, has seen an impressive 30% surge over the past month. This upward trend reflects growing investor confidence and market optimism about SHIB’s future potential. Despite broader market fluctuations, SHIB remains a standout performer within the meme coin sector, showcasing promising growth patterns. The notable growth momentum is further supported by a dramatic 6070% increase in token burns, signaling heightened demand and limited supply.
Shiba Inu Price Set for Big Gains as Burn Rate Soars 6070%
Shiba Inu price is poised for a potential breakout, fueled by a dramatic rise in its token burn rate. Recent data from Shibburn revealed a staggering 6070% increase in Shiba Inu tokens burned within 24 hours. This surge removed approximately 4,187,786 $SHIB tokens from circulation on Tuesday alone.
The ongoing token burns have pushed the total number of burned SHIB tokens to over 410 trillion. Meanwhile, Shiba Inu’s circulating supply remains at 580 trillion tokens, underscoring the significant impact of the burn mechanism on the cryptocurrency’s ecosystem.
The surge in burn rate coincides with the crypto fear and greed index staying in the green zone, indicating positive market sentiment. Additionally, technical charts show the formation of bullish patterns, adding to the anticipation of a price rally.
Shiba Inu Price Eyes 90% In November
The SHIB price is seeing a positive momentum today, rising by 3% to reach $0.00002546. Over the past 24 hours, the Shiba Inu price has experienced fluctuations but remains in an upward trend.
The Shiba Inu price prediction is encountering significant resistance at the $0.000028 level. However, a surge in buyer activity could push the cryptocurrency past the critical barrier of $0.00003. If this bullish trend gains momentum, the SHIB price might climb substantially, potentially reaching $0.0005 by the end of November. Such a move would represent a staggering 90% increase from its current levels, marking a strong recovery for the meme coin.
The Relative Strength Index (RSI) points to potential bullish trends. With the RSI nearing 65, SHIB is edging closer to overbought territory, signaling growing investor demand.
The whale activity surrounding SHIB has shown notable patterns, with large holders maintaining over $5 million in stablecoins. Recent trends highlight increased whale interest as SHIB prices fluctuated. The graph indicates a significant correlation between price movements and whale accumulation. Market participants are closely watching these developments to assess SHIB’s future momentum.
Shiba Inu price surges 30%, driven by a 6070% token burn spike. With positive market sentiment, bullish technical patterns, and growing whale interest, SHIB could reach $0.0005, marking a potential 90% rally by November’s end.
Frequently Asked Questions (FAQs)
1. What is the significance of the 6070% burn rate spike?
2. How many SHIB tokens have been burned so far?
3. What is the current circulating supply of SHIB?
- Bitcoin’s Bull Cycle May Peak This Month, Peter Brandt Says
- Ethereum Whales Buy $204M ETH Amid Rebound Above $4,400
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- Breaking: U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
