Shiba Inu (SHIB) is making waves in the crypto market, with analysts forecasting significant price increases. A remarkable 60,000% surge in the SHIB burn rate, along with bullish price patterns, suggests that the meme coin could see substantial gains in the near future.
Currently trading at $0.000014, Shiba Inu’s price has caught the attention of investors, many of whom are predicting a potential rally. Market analyst ‘World Of Charts’ recently shared on X that SHIB could experience a 2x price increase, noting that the coin is in a descending channel pattern, which typically signals bearish trends. However, the analyst believes a breakout above the upper trendline could trigger a bullish reversal.
In addition to this technical pattern, recent data from Shibburn revealed that over 1 billion SHIB tokens were burned in just 24 hours, contributing to a massive 60,000% increase in the burn rate. This reduction in circulating supply is fueling optimism among traders and investors, as lower supply tends to drive up demand and, consequently, price.
Despite a slight 1% dip in price from the previous day, Shiba Inu has gained nearly 13% over the past week, further encouraging speculation that the token is on the verge of a significant breakout. Another prominent market analyst, Javon Marks, has also projected that SHIB could rally to $0.000081, suggesting strong bullish potential.
With growing momentum and the recent surge in burn activity, Shiba Inu appears poised for a potentially strong performance in the coming months.
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