Shiba Inu (SHIB) is making waves in the crypto market as its price gains traction amid an aggressive weekly burn cycle. On Saturday, SHIB’s price recorded a 2% intraday surge, closing at $0.00001276. This bullish movement follows a massive 535.85 million SHIB token burn over the past seven days, representing a 415% increase in the burn rate, according to data from Shibburn on X.
HOURLY SHIB UPDATE$SHIB Price: $0.00001271 (1hr -0.86% ▼ | 24hr 2.67% ▲ )
— Shibburn (@shibburn) March 15, 2025
Market Cap: $7,494,012,204 (2.84% ▲)
Total Supply: 589,254,670,558,002
TOKENS BURNT
Past 24Hrs: 5,111,813 (-98.98% ▼)
Past 7 Days: 535,850,180 (415.59% ▲)
Shiba Inu Burn Mechanism Fuels Supply Shock
The SHIB community continues to implement its burn strategy, reducing the meme coin’s circulating supply. With a total of 410.49 trillion SHIB tokens burned to date, traders are optimistic about the coin’s price trajectory. The burn mechanism sends tokens to a null address, effectively removing them from circulation, leading to potential price appreciation due to supply-demand dynamics.
Intraday Burns Add to Market Optimism
The daily burn rate also remains strong, with 5.11 million SHIB tokens incinerated in the last 24 hours. With an initial supply of 999.99 trillion tokens, SHIB’s burn strategy plays a crucial role in driving long-term value. Market participants are eyeing future gains, especially with the ongoing crypto market recovery providing additional bullish sentiment.
Can Shiba Inu Rally 22%?
Crypto analyst ‘Rose Premium Signals’ has pointed to a critical technical breakout on the SHIB 4-hour chart. The analyst notes that SHIB is challenging the upper resistance of a falling wedge pattern, a bullish indicator. If the meme coin successfully breaks above the 50-day moving average (MA 50), it could confirm an uptrend.
Price targets for SHIB are set at $0.00001375, $0.00001485, and $0.00001565, marking a potential 22% upside from its current levels. With supply reduction through consistent burns and a favorable technical setup, SHIB could be gearing up for a strong rally.
Also Read: Shiba Inu (SHIB) Struggles as Open Interest Drops – Can a Rebound Follow?
Shiba Inu’s recent price action, combined with its aggressive token burn mechanism, has ignited bullish sentiment among investors. As the broader crypto market recovers, SHIB holders remain hopeful for a breakout above key resistance levels, potentially leading to significant gains in the coming weeks.
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.
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