The Shiba Inu burn rate has surged dramatically in the last 24 hours, offering a bullish outlook for the meme coin. This notable increase signifies the return of Shiba Inu bulls to its ecosystem. Data from the Shiba Inu burn tracker Shibburn reveals an 81% rise in the burn rate in the past day, with 3.7 million coins incinerated. Over the past week, the burn rate has soared by an astounding 3,600%, culminating in the burning of 2 billion coins.
This uptick in Shiba Inu’s burn rate is a strong indicator of bullish sentiment within the community. Typically, an accumulation trend leads to a spike in transactions, resulting in more SHIB tokens being burned as investors collect the meme coin. Market intelligence platform IntoTheBlock corroborates this trend, showing that Shiba Inu whales have been actively purchasing the coin.
Large transactions involving Shiba Inu have increased by over 13% in the past week, with trillions of SHIB tokens traded during this period. Specifically, bulls have traded two trillion SHIB tokens in just the last 24 hours. On September 26, the volume of large transactions peaked at nine trillion SHIB tokens.
Reflecting these bullish dynamics, Shiba Inu’s price has surged by more than 26% in the past week. This rally is expected to continue into October, potentially setting the stage for a historic run. Historically, Shiba Inu has delivered positive monthly returns in October, and this year is anticipated to be no different. The broader cryptocurrency market’s bullish outlook further supports Shiba Inu’s prospects, with projections suggesting Bitcoin might reclaim the $70,000 price level next month. Given Shiba Inu’s strong positive price correlation with Bitcoin, it is expected to gain as the flagship cryptocurrency ascends.
Crypto analyst Javon Marks has forecasted that Shiba Inu could rise to as high as $0.000081 soon. He asserts that the coin’s price has shown a significant response to multiple confirmed hidden bullish divergences, indicating that an extended rally towards $0.000081 is likely underway. This would represent a more than 300% price rally. Marks has also predicted that Shiba Inu has the potential to delete another zero from its price during this bull run, suggesting further gains even after reaching the $0.000081 mark.
Adding to the optimistic forecasts, crypto analyst Smile has predicted that Shiba Inu could rise as high as $0.05 by 2025. However, achieving this level would necessitate a substantial reduction in Shiba Inu’s circulating supply through burning.
Shiba Inu’s price continues to hold strong, buoyed by these recent bullish indicators and market trends.
