Shiba Inu Burn Rate Rockets 1000%, Price To Reach ATH Soon

Shiba Inu burn rate has soared more than 1000% today, sparking discussion over a potential rally in the SHIB price. Crypto analyst Javon Marks has also provided a bullish outlook for the meme coin’s price as he recently predicted that it could reach its current all-time high (ATH) soon enough.

In addition, a recent price analysis of the crypto highlights key reasons that may help the meme coin hit a new high in the coming days.

Shiba Inu Burn Rate Skyrockets 1000% Today

According to Shibburn data, the Shiba Inu burn rate skyrocketed 1041.91% today, with more than 6.54 million SHIB tokens burned over the last 24 hours. This significant jump has also sparked discussions over a potential rally in the SHIB price in the near future.

According to Shibburn data, the two highest burns over the last 24 hours were conducted by the same wallet address: “0x608….9fe80.” This wallet has removed 2.14 million tokens in two transactions, indicating the growing SHIB community support for reducing the token supply.

Meanwhile, the SHIB burn rate has increased significantly over the past few days, which has sparked investors’ optimism. Over the last seven days, the team and community have burned 26.63 million tokens, removing them from the circulating supply.

As of writing, a whopping 410.73 trillion SHIB were burnt from the initial supply. However, despite the recent burn frenzy, the current circulating supply stood at 583.51 trillion.

SHIB Price To Reach ATH Soon

Crypto analyst Javon predicted in an X post that the meme coin’s price will soon reach its current all-time high (ATH) of $0.00008. He made this prediction while stating that the Shiba Inu price is starting to show strength at its current price level while continuing to hold broken out of a recently set falling wedge pattern.

Based on this, the analyst affirmed that the next leg for SHIB’s rally to the upside is on the horizon. When that happens, he expects the meme coin to enjoy a “massive” move of 351%, which will send its price to the $0.000081 target.

Developments like the skyrocketing burn rate can help the meme coin reach this price target and even surpass it. Shiba Inu whale activity has also been rising, with IntoTheBlock data showing a spike in large transactions these past few days. This indicates investors’ confidence in SHIB as one of the top meme coins.

Furthermore, CoinGlass data showed that the SHIB Futures Open Interest rose 20% to $52.93 million, reflecting a positive sentiment in the market. However, it’s worth noting that the rally in the meme coin’s price comes amid upward momentum in the broader crypto market.

Meanwhile, a recent Shiba Inu price analysis hints at a further rally in the crypto’s price. According to the analysis, a potential rally in Bitcoin’s price could help other altcoins like SHIB enjoy massive rallies in the coming days.