SHIB burn rate surged 3,600% in the past 24 hours, signaling a potential bullish trend for Shiba Inu’s price.
In the past 24 hours, SHIB Burn Rate has increased significantly, resulting in the burning of millions of coins.
The Shiba Inu price has maintained a tepid price movement for a while, despite other top meme currencies experiencing significant rallies.
Consequently, this presents a bullish outlook.
SHIB Burn Rate Has Increased By 3,600%
According to Shibburn data, SHIB Burn Rate has increased by 3,600% in the past 24 hours, resulting in the burning of 35.6 million coins.
The majority of the token fires during this period are attributed to two transactions.
In one transaction, 15.5 million coins were burned, while in another, 11.1 million coins were burned.
These token burns typically indicate a positive prognosis for the Shiba Inu price, as the value of the top meme coin may rise as more coins are removed from circulation.
Furthermore, it is a much-needed boost for Shiba, whose price has remained stagnant even though top meme currencies such as Dogecoin and PEPE have reached new highs in this market cycle.
Crypto analysts are optimistic that Shiba Inu will experience a bull run, despite the lackluster price action.
Crypto analyst Shib Spain observed that SHIB is currently experiencing difficulty in the critical region between $0.000027 and $0.000030.
However, he also stated that the meme coin will soar to its all-time high (ATH) once it breaches this resistance level.
A recent analysis conducted by CoinGape suggested that Shiba Inu could potentially reach its current all-time high by January.
The analysis observed that the recent Bitcoin price rally has given rise to optimism that the top meme coin can accomplish this feat.
Nevertheless, the analysis indicated that Shiba Inu must surpass $0.000030 to maintain its upward trajectory.
On-Chain Metrics Must Be Increased
In addition to the SHIB Burn Rate, other on-chain metrics suggest that the Shiba Inu price is declining and must increase in the near future if the top meme coin is to experience a sustained price increase.
At present, the ‘Concentration’ and ‘Large Transactions’ metrics of IntoTheBlock data are bearish, suggesting that crypto billionaires are refraining from investing in SHIB.
In the interim, the ‘Net Network Growth’ and ‘In The Money’ metrics are also pessimistic.
The former is significant because holders who are presently at a loss may begin to sell their coins, which could result in substantial selling pressure on the Shiba Inu price.
In the interim, the adverse net network growth suggests that there is a dearth of new investors entering the SHIB ecosystem.