Shiba Inu is back in focus due to a significant rise in the burn rate of tokens. Despite no price increase, experts foresee a potential recovery.
Shiba Inu Burn Rate Spike
Blockchain tracker Shibburn has reported a 390% increase in the SHIB burn rate over the last 24 hours, with 16,479,283 tokens permanently removed from circulation. The largest single transaction burned 13,717,986 SHIB, while another notable transaction saw a burn of 2,026,165 SHIB. Despite this daily surge, weekly burns have slowed down by 94.82%, with a total of 61,082,353 tokens destroyed over the past week. However, this temporary slowdown has not deterred SHIB holders who remain hopeful about a potential price rally.
SHIB Buy Signal
Top analyst Ali Martinez has pointed to a strong buy signal for Shiba Inu based on the TD Sequential indicator. In his latest analysis, he highlighted the potential for a bullish reversal on the weekly candle chart of SHIB. Although he did not specify a price target, past trends suggest that such signals often lead to upward movements. Previously, he predicted SHIB would rise to $0.000029 from the current price level of $0.0000159 based on a similar buy signal. While the TD Sequential indicator has had mixed success, analysts believe that combining it with broader market trends could enhance its reliability.
Rare SHIB Golden Cross
As per the Shiba Inu price analysis, SHIB has formed a rare Golden Cross on the weekly chart, a strong bullish signal. Currently, SHIB is trading at $0.000016, with a slight rise in the last 24 hours. The last time SHIB formed this pattern was in February 2024, after which its price surged 377% in March, reaching $0.00004567, a level not seen since 2021.
The current developments with Shiba Inu indicate potential growth, drawing interest from analysts and investors. However, the market remains unpredictably dynamic.
