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Shiba Inu (SHIB) is experiencing a notable price surge as the network’s burn rate spikes by a staggering 3,000%. At the time of writing, SHIB is trading at $0.0000132, representing a 4% intraday gain. The uptick follows Bitcoin’s rally past $99,000, which has injected positive sentiment into the broader altcoin market, including meme coins like SHIB. With the current burn rate gaining momentum, can the coin realistically achieve a 1 trillion token burn per day, and what could this mean for its price?
SHIB Price Eyes Key Resistance Level at $0.000014
The four-hour SHIB chart reveals a critical resistance level at $0.0000134. If the coin manages to break through this level, it could surge to a two-week high of $0.0000147. The recent rise in the burn rate has fueled optimism among SHIB investors, as over 67 million tokens were burned in the past week alone. According to Shibburn data, the 24-hour burn rate has skyrocketed by 3000%, signaling increased network activity.
Can SHIB Realistically Burn 1 Trillion Tokens Daily?
Currently, SHIB’s community burn portal has registered a total of 1 trillion tokens burned. If the burn rate were to escalate to 1 trillion tokens per day,the coin could theoretically burn 365 trillion tokens annually – approximately 62% of the circulating supply. Analyst Grok3 suggests that such a drastic reduction in supply could drive SHIB’s price up by 167% to $0.000037, assuming stable demand. However, for this scenario to materialize, Shibarium’s Total Value Locked (TVL) would need to surge past $1 billion to sustain such high burn volumes.
Technical Analysis: Cup and Handle Pattern Indicates Potential Breakout
From a technical perspective, SHIB has formed a cup and handle pattern on the daily chart, indicating a potential breakout if the handle’s resistance is breached. A successful breakout could propel the coin to $0.000017. However, traders should proceed cautiously, as the ADX indicator suggests that the current trend remains weak, leaving SHIB vulnerable to a retracement before any sustained uptrend materializes.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Shiba Inu Price Drops as Bearish Pressure Mounts: What’s Next for SHIB?
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