Shiba Inu (SHIB) Burn Rate Spikes 65,529.67%, Raising Speculation on Potential Price Impacts

Data shows that the most recent burn transactions each moved millions and thousands of SHIB tokens to designated “dead wallets,” according to Shibburn. This reflects an accelerating reduction in the supply, fueling hopes for a positive SHIB price trend in the long term.

Shiba Inu (SHIB) burn rate has witnessed a remarkable surge of 65,529.67% in the past 24 hours, according to data from Shibburn.

The recent burns have seen millions and thousands of SHIB tokens being sent to designated “dead wallets” in a bid to permanently remove them from circulation.

This move aims to boost SHIB’s scarcity and, in turn, its price prospects in the long term.

As of now, a total of 410.73 trillion SHIB tokens have been burned, contributing to the scarcity efforts.

While the burns are intended to positively impact SHIB’s price trajectory, the token has faced challenges recently, experiencing a short-term downtrend.

On Friday, October 25, SHIB was valued at $0.00001733, indicating a decline of 2.74% over the past 24 hours and a loss of nearly 9% over the past week.

However, despite the recent setbacks, SHIB still maintains a gain of 12% over the past 30 days, offering some solace to holders.

According to crypto analysts, if SHIB manages to reclaim the key level of $0.00001850, it could pave the way for a potential recovery and trigger further gains.

If the token maintains upward momentum, it may advance toward the critical resistance zone between $0.000020 and $0.000021.

A successful break past this level could open up the possibility of SHIB testing the $0.00003 mark.

Moreover, some analysts also predict that if market conditions remain favorable, the meme coin might even reach as high as $0.00005.

Beyond that, in a highly optimistic scenario, analysts speculate that sustained bullish sentiment could push SHIB price above $0.0001.

However, it’s important to note that the Shiba Inu price trajectory is known to be volatile and can be influenced by a range of factors, including market sentiment, speculative interest and broader crypto market trends.