The burn rate of Shiba Inu (SHIB) has soared by 144,233.06%. The project's burn mechanism has sent over 200 million SHIB tokens to the dead wallet. Particularly, one transaction was the cause of most of the burn.
The price trend of Shiba Inu
SHIB has reclaimed the $0.00003 price point. The asset is up 24.1% on the weekly chart, 23.7% on the 14-day chart, 80.2% higher than last month, and 231.4% higher since December 2023. However, the price of SHIB has declined 0.5% in the past 24 hours.
The recent burn may be the reason for SHIB's latest price surge. The cryptocurrency market has also witnessed a surge in Altcoin prices. TRON (TRX) and BNB hit new all-time highs earlier today, and other Altcoins have also experienced significant gains.
The surge in Altcoins may be due to Grayscale's application for a Solana ETF and WisdonTree's application for an XRP ETF.
Bitcoin (BTC) consolidating around the $96,000 level may also have prompted investors to shift funds to other assets, such as SHIB and other Altcoins.
Can the dog-themed cryptocurrency reach $0.00005 next?
According to CoinCodex data, Shiba Inu (SHIB) could surge to $0.00006049 by December 7, 2024. Reaching $0.00006049 from the current price would result in a 99.44% increase. CoinCodex expects SHIB's price not to hold above $0.00006. The platform forecasts the asset to dip below $0.00003 by the end of this month.
Changelly analysts have also painted a similar outlook for SHIB. The platform predicts SHIB will reach $0.00006 by December 7, 2024. Like CoinCodex, Changelly also expects SHIB's price to retreat to around the current level by the end of this month.
Shiba Inu (SHIB) may not face a pullback and could continue to rise in the coming weeks. Bitcoin (BTC) may soon break above $100,000 and hit a new all-time high, in which case, SHIB's price could also surge to new highs.
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