24/7 Cryptocurrency News

SHIB Burn Rate Rockets 4100%, Analysts Target $0.0005 On Bullish Patterns Formation

SHIB burn rate rocketed more than 4100% today amid a rally in the crypto market, with top analysts hinting towards a potential Shiba Inu rally to $0.0005.
Published by
SHIB Burn Rate Rockets 4100%, Analysts Target $0.0005 On Bullish Patterns Formation

Highlights

  • SHIB burn rate recorded a surge of more than 4100% today, sparking market optimism.
  • The soaring burn rate comes as Shiba Inu soared nearly 10% today, amid a broader crypto market rally.
  • A top market expert hints at a potential SHIB rally to $0.0005.

The recent surge in the SHIB burn rate has sparked optimism, as evidenced by the recent Shiba Inu price rally. Notably, the burn rate has rocketed more than 4,100% today, bolstering market sentiment amid the already bullish momentum noted in the broader crypto market. Besides, top analysts have also predicted a potential breakout ahead for SHIB price, hinting towards a rally to $0.0005.

Advertisement

SHIB Burn Rate Rockets 4100% Sparking Market Optimism

According to the latest data by Shibburn, the SHIB burn rate rocketed 4106.82% today, gaining significant attention from investors. The Shiba Inu burning tracker showed that more than 171.28 million SHIB tokens were burnt in the last 24 hours, indicating a strong rally ahead.

Source: Shibburn

Notably, the highest burn was conducted by the wallet address “0xa65…55347”, alone burning 169.28 million tokens in the latest transaction. However, despite the surge in the 24-hour time frame, the weekly burn rate for Shiba Inu was over 68%, with around 195.05 million tokens destroyed.

Meanwhile, with the latest Shiba Inu burn frenzy, a total of 410.73 trillion tokens were burnt from the initial supply, and the current circulating supply stood at 589.21 trillion. Notably, the burning of the tokens indicates a potential rally ahead for the assets. For context, the token burns usually reduce the overall supply from the market, which in turn boosts the assets’ prices.

Amid this, a flurry of experts has shared bullish forecasts for Shiba Inu, further fueling market sentiments. Besides, it also comes amid a robust rally in the crypto’s price, amid a rally in the top meme coins, as well as in the broader crypto market.

Advertisement

Shiba Inu Rally To $0.0005?

SHIB price today was up nearly 10% and exchanged hands at $0.00002733. The token’s one-day trading volume rocketed 127% to $3.34 billion, and the crypto touched a 24-hour high of $0.00002794. Besides, Shiba Inu Futures Open Interest rose 14% to $114.35 million, indicating growing market confidence towards the asset.

Now, with the soaring SHIB burn rate, a recent Shiba Inu price analysis highlights a pattern that indicates that the crypto could “double soon.” This indicates the soaring optimism of investors towards the digital assets space, especially the meme coins sector.

In addition, recent on-chain data also indicates that top meme coins like DOGE, SHIB, PEPE, and others could continue to rally in the coming days. The analysis noted that the investors have not fully entered the crypto market, which indicates a further rally ahead.

Meanwhile, adding to the positive sentiment, prominent crypto market analyst Ali Martinez has also shared a bullish forecast. In a recent X post, Martinez noted that SHIB mirrors a similar pattern as DOGE, which indicates that the crypto could soon hit $0.00049 in the coming days.

Source: Ali Martinez, X
Advertisement

Share
Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.

Recent Posts

  • Bitcoin News

Bitcoin Extends ATH Rally as Market Prices In Three-Week U.S. Government Shutdown

Bitcoin has reached a new all-time high (ATH), extending its current rally, which began at…

October 6, 2025
  • Bitcoin News

Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally

Billionaire hedge fund manager, Paul Tudor Jones believes that there is a massive price gains…

October 6, 2025
  • 24/7 Cryptocurrency News

Robinhood Outage Reported by Users, HOOD Stock Drops

Crypto exchange Robinhood is currently experiencing an outage, with users reporting issues accessing their accounts.…

October 6, 2025
  • 24/7 Cryptocurrency News

Tom Lee’s BitMine Adds $820M Worth of Ethereum as ETH Rebounds

BitMine Immersion Technologies chaired by Fundstrat’s Thomas “Tom” Lee, has accumulated roughly $820 million in…

October 6, 2025
  • 24/7 Cryptocurrency News

Crypto Crime Hits $2.47 Billion in H1 2025, With Wallet Hacks on the Rise

The crypto industry has already lost more money in the first half of 2025 than…

October 6, 2025
  • Altcoin News

ASTER Token Rockets Over 10% in an Hour as Binance Announces Spot Listing

Crypto exchange Binance on Monday said it will list next-generation decentralized perpetual exchange Aster's crypto…

October 6, 2025