Will Shiba Inu's Burn Rate Surge Lead to Future Profits? Insights and Predictions for Crypto Investors

In the world of cryptocurrencies, the unpredictable often becomes the norm, and Shiba Inu (SHIB) is no exception. The memecoin has recently shown a dramatic surge in its burn rate

Shiba Inu (SHIB) has shown a dramatic 3,600% surge in its burn rate over the past 24 hours, hinting at potential price gains as it faces a crucial resistance zone.

Recent figures from Shibburn highlight that approximately 35.6 million SHIB tokens were burned in just one day. This significant reduction was primarily driven by two major transactions that accounted for most of the burn, destroying 15.5 million and 11.1 million tokens respectively.

The increased burn rate could reduce supply, potentially boosting SHIB’s market value. This is especially timely, as rival memecoins like Dogecoin (DOGE) and Pepe (PEPE) are experiencing upward trends, providing a catalyst for Shiba Inu.

A detailed analysis indicates that SHIB is currently navigating a crucial resistance zone between £0.000027 and £0.000030. Breaking through this range could pave the way for Shiba Inu to challenge its past all-time high (ATH), according to insights from crypto analyst Shib Spain.

CoinGape’s recent assessments suggest that Bitcoin’s bullish momentum could further support SHIB’s upward trajectory. Exceeding the £0.000030 resistance could mean SHIB reaches its ATH by January 2024.

However, while burn rates soar, other on-chain data remains weak. According to IntoTheBlock, large trades and whale interest in SHIB are dwindling, signalling potential investor disinterest.

Moreover, indicators such as ‘In The Money’ and ‘Net Network Growth’ show a lack of profitability and slow investor influx, which could apply downward pressure on prices if not reversed. Experts agree that SHIB will need strong external factors and renewed investor interest to reach new heights.