Will SHIB Price Hit $0.00004029 After 600% Burn Rate Increase?

The burn rate of the Shiba Inu (SHIB) coin is up by 600%, with over 3 million tokens being eliminated from the market. This event has led to much debate among investors and analysts as to whether SHIB price can surge.

Market Reaction to Burn Rate Surge

Notably, the impact of the burn event was evident in the market, as SHIB price rose by 4% to hit $0.00002054.

The rise in price after the burn indicates that traders are optimistic that with less supply on the market, the prices will go up.

Source: Shibburn

Additionally, the timing of this price increase is important. It corresponds with a bullish trend that is being observed across the majority of the cryptocurrency market.

Investors are also eager to know if the reduced supply from the burn will help maintain price appreciation as the market moves to stability.

Analytical Predictions and Market Sentiments

More so, experts have shared their views on the latest events, and some estimate that SHIB may climb up to $0.00004029 soon.

These predictions are derived from historical data and market trends and indicate that burn events are often followed by price rises in meme coins.

Additionally, analysts suggest a potential bullish trend for Shiba Inu (SHIB). The price is consolidating near the $0.00001947 support level, marked as a “long” entry point.

The analysis projects a potential breakout to the $0.00004170 target, indicating strong upside potential within an ascending channel.

This technical outlook relies on key support levels holding steady, signaling a significant move upward if bullish momentum persists.

Source: X

Additionally, the overall sentiment within the cryptocurrency market concerning SHIB price is positive. The burn event is an indication that the Shiba Inu developers are committed to the token’s value.

Combined with community support and proper burns, SHIB price could potentially reach the targeted value.

Comparative Analysis With Other Meme Coins

Analyzing the meme coins market, Shiba Inu is not the only token that is moving upwards. Dogecoin and Pepe have also been on the rise due to the general trend in the meme coins market.

Dogecoin (DOGE) price rallied by 5.59% in the past 24 hours to trade at $0.3629. The market capitalization hit $53.61 Billion as the trading volume increased by 20.59% to $8.41 Billion.

Price momentum has an upward trend from $0.3437 to $0.36 with occasional fluctuations at higher prices. Buying pressure remains high due to strong trading volume. However, signs of consolidation appear as the price approaches $0.37.

On the other hand, PEPE price rose by 3.76% in the last 24 hours to trade at $0.00001567. The market capitalization rose to $6.59 Billion while trading volume shrunk by 29.21% to $1.29 Billion, indicating more subdued trading.

The price moved in the range of $0.00001511 to $0.0000163 ranging from support to resistance near $0.000016. Nevertheless, declining volume may indicate that bullish sentiment is starting to fade in the near term.

Source