Shiba Inu Price Eyes 2x Gains As SHIB Burn Rate Shoots 60,000%

Shiba Inu price secured a hotspot on crypto traders’ and investors’ radars this Thursday by showcasing the potential for massive gains ahead. Primarily against the backdrop of a whopping 60,000% surge in the SHIB burn rate and bullish chart formations, the meme coin is signaling an imminent rally. Notably, SHIB price is currently trading at the $0.000014 level, whilst numerous renowned market analysts have predicted that a bull run is right over the horizon.

Shiba Inu Price Eyes 2x Gains? Analyst Predicts Amid Massive Burn Surge

A recent X post by crypto market trader and analyst ‘World Of Charts’ revealed that Shiba Inu price is eyeing 2x gains ahead. This bullish prediction is attributed to the meme coin showcasing the potential for a price rally with recent formations. As per the analyst, the coin’s price is currently trading in a descending channel range. A sustained breakout above the upper trendline in this formation cements the chances of a bull run.

For context, a descending channel pattern is a bearish formation characterized by two parallel trendlines sloping downward. Nevertheless, the analyst believes that 2x gains are possible, given that a sustained breakout above the upper trendline holds. This bullish projection promptly echoed a huge market buzz, with the latest burn statistics further bolstering investor sentiments.

Burn Rate Shoots Up 60,000% As Over 1B Coins Destroyed

According to Shibburn’s data on March 27, the SHIB burn rate surged by a whopping 57,291.91% intraday. Over 1 billion coins were permanently removed from the asset’s circulating supply in the past 24 hours.

As an upshot, bullish market sentiments surrounding the meme coin‘s price gained additional weight. Crypto market traders and investors anticipate bolstered SHIB price trajectories due to the constant hits to the supply, mirroring the law of supply and demand.

Shiba Inu Price Overview

Overall, the latest market stats have ushered in a remarkable bullish sentiment about the meme crypto’s future price aspects.

However, Shiba Inu coin’s price is currently down 1% from yesterday and trading at $0.00001446. Its intraday low and high were $0.00001408 and $0.00001561, respectively. Notably, the meme token is up nearly 13% over the week. The broader bullish action, coupled with recent burn metrics and price chart formations, further indicates that a rally is possible in the long term.

Meanwhile, another renowned market trader, Javon Marks, took the stage amid these developments to project a bullish outlook for price. Javon conveyed that the token’s price is starting to return with signs of strength. A potential rally to the $0.000081 price target also awaits, per the analyst.

However, it’s worth mentioning that the coin’s futures OI slipped nearly 11% to $146.68 million, per Coinglass data, despite bullish news surfacing in the crypto’s community. This stat hints that short-term price volatility looms, although long-term prospects currently remain optimistic.