Shiba Inu (SHIB) Price Garnered Significant Investor Attention on Saturday

SHIB coin's price today gained over 2% intraday and closed in at $0.00001276. The latest burn metrics by the coin's community indicated a staggering 535 million tokens destroyed in the past 7 days.

Shiba Inu price has come into the strong limelight of investors on Saturday, surging against the backdrop of a weekly SHIB burn saga. The latest burn metrics by the coin’s community revealed that a whopping 535 million tokens were destroyed in the past seven days.

As a result, traders and investors are now anticipating further price gains for the meme coin, especially as a renowned market analyst has highlighted the potential for a 22% rally in the crypto soon.

Shiba Inu Price Surges As 535M Tokens Burnt Weekly

SHIB coin’s price today rose over 2% intraday to reach $0.00001276 by the final hours of Saturday. The meme coin hit a low and high of $0.00001244 and $0.0000129, respectively.

This price trajectory is significant as it comes amidst a massive blow to the crypto’s supply with a phenomenal weekly burn chronicle. According to the data from Shibburn on X, 535.85 million SHIB tokens were burnt in the past seven days.

This resulted in a 415% upswing in the weekly burn rate, delivering a staggering sum of 410.49 trillion coins burnt to date.

For instance, the burn mechanism destroys a portion of the token supply by sending them to a null address, hence reducing the circulating supply.

Crypto market traders and investors are anticipating a bolstered effect on Shiba Inu price amid reduced supply, mirroring the law of supply and demand.

Intraday Burn

Meanwhile, the intraday burn data indicated that 5.11 million coins were destroyed in the past 24 hours. The constant burns are fuelling market optimism regarding the crypto’s long-term price prospects.

It is worth noting that a total of 999.99 trillion SHIB tokens were created, of which approximately 410 trillion have been destroyed to date.

However, market watchers are eagerly awaiting phenomenal returns as the current bull cycle stalled amid macro heat.

Can SHIB Price Gain 22%?

Nevertheless, with the broader crypto market showing a recovery trend this weekend, investors remain optimistic about future movements.

As mentioned above, Shiba Inu’s price entered the green zone leveraging its burn rate surge today.

In the midst of this optimism, a crypto market analyst took to X, revealing crucial price statistics.

As per analyst ‘Rose Premium Signals,’ SHIB recently challenged the upper resistance of a falling wedge pattern on the 4H chart, marking a crucial move.

In the wake of this trajectory, if the price manages to break out above the MA 50, a bullish momentum can be confirmed. The analyst spotlights the next price targets at $0.00001375, $0.00001485, and $0.00001565, which is up nearly 22% from the current level.

The post Shiba Inu Price May Soar 22% Soon, Warns Analyst As Huge Volumes Of SHIB Token Burnt Weekly appeared first on OpenChain.

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