Key Insights:
- Shiba Inu price surged intraday and over the week, signaling bullish momentum.
- SHIB’s burn rate surged 1866%, with 15.18 million tokens burned, reducing supply.
- Analysts predict SHIB could see a 17x price increase, reaching $0.0002 soon.
Shiba Inu price has sparked market interest as analysts predict it may rise by 17x.
Notably, investor optimism rose because the cryptocurrency’s burn rate experienced an astounding 1866% increase.
Shiba Inu Price Surge Signaling Bullish Momentum
Shib price showed substantial increases during recent days. The cryptocurrency experienced a 5% intraday growth and recorded a 19% weekly price increase.
The positive outlook from investors resulted in upward price momentum, implying SHIB may continue its upward trajectory.
At press time, SHIB was trading at $0.00001353, representing an increase from previous price point levels.
The meme coin price movement showed an upward momentum as it reached an intraday peak at $0.00001521, followed by a low point at $0.00001383.
Additionally, the growing bullish trend comes amid speculation that the broader market is entering a favorable phase for altcoins, with Shiba Inu possibly benefiting from this trend.
SHIB Burn Rate Adds to Investor Optimism
More so, Shiba Inu burn rate has experienced a substantial boost, creating speculation of a further price increase.
Recent data from Shibburn showed that SHIB experienced a 1866% increase in burn rate that resulted in more than 15.18 million tokens getting destroyed in one day.
The reduced supply demonstrated a positive market dynamic that may result in a price rally.
Token burning deletes coins from existence permanently by sending them into inaccessible addresses.
A reduced circulating token total in the market may boost demand levels because there are fewer available coins for purchase.
The recent spike in SHIB’s burn rate is fueling hopes that its price could continue to rise as fewer tokens are available for purchase.
Analysts Predict 17x Price Increase for Shiba Inu
Crypto analyst CryptoELITES forecasted an aggressive trajectory for Shiba Inu price.
The crypto analyst predicted that SHIB will enter a strong buy zone that could trigger a substantial price increase to reach $0.00023, representing a 17X increase from the current level.
Notably, the Buy zone refers to an asset price range designated to represent undervaluation.
SHIB current market price is an attractive entry point for investors who want to benefit from future increases. The analyst emphasized that if purchasing activity remains steady, SHIB could rally soon.
Another analyst, Shib Spain, pointed out that SHIB was close to critical resistance after experiencing a powerful breakout.
Notably, the analyst shared a chart that indicated SHIB is returning toward what could become its support region. This pattern indicated continued bullishness in the market.
According to Shib Spain, a sustained defense of this buying level will trigger an immediate upward price surge.
The analyst predicted that SHIB will hit its next all-time high soon based on the strong upward movement shown on the chart.
Moreover, analyst CryptoBull noted Shiba Inu price was showing strong bullish momentum, with the price breaking out of a long-term descending trendline.
The chart suggested a potential surge, possibly exceeding the strength of February’s rally.
A breakout above resistance could trigger a sharp move upward, with the analyst projecting a steep climb, signaling high confidence in SHIB upcoming rally.
Meanwhile, recent analysis pointed out that Shiba Inu (SHIB) broke out of its consolidation phase, implying an upcoming bullish trend.
SHIB price surpassed critical resistance points at $0.000013 while accompanying a boost in trading volumes.
Analysts predicted that SHIB will keep rising towards the $0.000016 resistance if it stays above its breakout point.