Shiba Inu (SHIB) Poised for Price Surge as Burn Rate Skyrockets 280% in 24 Hours

Shiba Inu (SHIB), the meme-based cryptocurrency that has captured the attention of investors globally, is showing signs of a potential price surge

Shiba Inu (SHIB) is showing signs of a potential price surge as its burn rate experiences a dramatic 280% increase in just 24 hours. This surge in burn activity resulted in the permanent removal of 12.5 million SHIB tokens from circulation, sparking renewed optimism among investors about the token’s future prospects.

Shiba Inu Burn Rate: A Strategy for Scarcity and Price Boost

Token burns are a common mechanism in the crypto world, designed to reduce the circulating supply of a digital asset. This process works by sending tokens to “burn” or lost wallet addresses, effectively taking them out of circulation forever. The reduction in total supply increases scarcity, which in turn can drive up the value of the remaining tokens.

According to data from Shibburn, the recent 280% surge in the burn rate has led to the permanent removal of 12.5 million SHIB tokens, dropping the total supply to 589.25 trillion tokens. This increase in burn activity is not a one-off event but part of a broader strategy supported by the Shiba Inu community, which has been focused on continuously reducing the supply of SHIB through burns and other ecosystem developments.

Shiba Inu’s Ecosystem Developments: ShibOS Takes Center Stage

In addition to the increase in burn rates, Shiba Inu’s ongoing ecosystem developments are also fueling positive sentiment. The launch of ShibOS, a blockchain-based operating system, is one of the most significant advancements for the project. ShibOS is designed to expand the use cases of SHIB, allowing for more integration into the broader cryptocurrency ecosystem while maintaining the burn initiatives.

Shiba Inu’s focus on reducing its circulating supply through burns, combined with the launch of ShibOS, has helped attract renewed attention from investors. The growing number of ecosystem features adds value to SHIB, reinforcing its position in the competitive crypto market.

Technical Indicators Point to Shiba Inu’s Price Breakout

Shiba Inu’s price is also showing signs of potential bullish momentum. At the time of writing, SHIB is trading at $0.00001931, indicating a 2.95% increase in price within the last 24 hours. This price movement is accompanied by an increase in trading volume and a shift in key technical indicators, suggesting that SHIB could be on the verge of a breakout.

According to analyst Javon Marks, if Shiba Inu manages to break key resistance at $0.000019, it could pave the way for a 261% price surge, potentially reaching $0.0001553. A shift in momentum is already evident on the 4-hour chart, where the MACD line has crossed above the signal line, indicating a bullish crossover and a rising buying signal. Additionally, the histogram is showing signs of an uptrend with the formation of green bars, suggesting that an upward price movement may be underway.

Another key indicator, the Balance of Power (BBP), is also showing early signs of buyer interest. While the BBP remains mostly red, indicating selling pressure, a small green bar is emerging, suggesting that selling momentum is slowing down. This is supported by the flattening BBP, which could indicate a shift in momentum. However, Marks notes that more green bars in the BBP are needed to confirm a sustained bullish trend.

Shiba Inu Price: Preparing for the Next Resistance Level

At its current price of $0.00001931, Shiba Inu is positioned at a crucial point. The next resistance level sits at $0.000019, which will likely determine SHIB’s short-term price movement. If SHIB manages to break this level, it could open the door to further price gains and even larger upward momentum.

In addition to the technical indicators pointing toward a potential price rally, the strong support from the Shiba Inu community and the ongoing burn activities continue to keep the market’s focus on SHIB. As supply decreases and demand remains steady, SHIB’s price could benefit from the effects of these burn initiatives and ecosystem developments.