Shiba Inu (SHIB) Price Soars 15% as Burn Rate Spikes 8,000%

Shiba Inu (SHIB) saw a 15% increase in the past 24 hours, trading at $0.00001548, following an 8,000% spike in its burn rate after an anonymous wallet burned tokens.

Shiba Inu (CRYPTO: SHIB) saw a 15% increase in the past 24 hours, trading at $0.00001548 as its burn rate spiked by 8,000% after an anonymous wallet burned tokens.

This price pump comes alongside a 114% increase in 24-hour trading volume. With a market cap of $9 billion, the meme token eyes an entry into the top 10 cryptocurrencies.

Shiba Inu futures open interest spiked by 30% to surpass $166.74 million, according to Coinglass data, indicating strong demand among traders.

Shibarium's total block count has crossed 10 million, showcasing the network's increasing adoption, according to data from ShibariumScan.

Shiba Inu Price Action

Shiba Inu is mirroring its 2021 trajectory, and analysts believe it could be on the brink of a parabolic rally. SHIB is forming a cup-and-handle pattern on its chart since hitting its all-time high of $0.008854 in October 2021.

I’m expecting a massive 12X surge! 🚀#SHIB $SHIB #Shiba $Shiba pic.twitter.com/e5j8uzfM7b

The “cup” reached completion with SHIB’s March 2024 peak at $0.00004567, while the current price action is finalizing the “handle.” This formation typically signals a potential breakout, making traders increasingly optimistic.

The recent spike in the SHIB burn rate—which reduces the circulating supply—has fueled bullish sentiment. Some market watchers anticipate a 200% rally, potentially boosting SHIB’s market cap to $27 billion.

Shiba Inu's marketing lead, Lucie, recently reiterated the ambitious target of $0.01 per SHIB. However, she added that reaching this milestone will take time.

SHIB Price Outlook

On the daily SHIB price chart, the RSI is currently at 64, nearing the overbought zone, which could indicate a temporary pullback in the price. However, if RSI sustains the upward motion, it could signal continued bullish momentum.

Meanwhile, the price has already crossed the upper Bollinger Band, which signals heightened volatility. The current level could trigger a sharp upward move, while a rejection may lead to short-term consolidation.

The MACD line is trading above the signal line, a classic bullish indicator. A breakout above resistance at $0.0000185 could open the door for further gains. Traders should also keep an eye out for any divergence in MACD, which may indicate decreasing momentum.

Amid the optimism, Lucie also mentioned the possibility of a Shiba Inu ETF. This comes as popular ETF analyst James Seyffart predicted a 75% chance of an ETF approval for SHIB's rival, Dogecoin (CRYPTO: DOGE).

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