- Shiba Inu’s burn rate surges, signaling potential market shift ahead.
- Weekly burn rate spikes, igniting hope for Shiba Inu rally.
- Shiba Inu eyes breakout above $0.000017, targeting new highs.
Shiba Inu’s burn rate has experienced a remarkable surge, with a 2,033.51% increase in the last 24 hours, according to Shibburn. In just one day, over 5.7 million SHIB tokens were burned, reflecting a substantial rise in daily burn activity. This increase is part of a broader trend in the past week, where the weekly burn rate jumped by 438.54%, with nearly 70 million SHIB tokens eradicated.
The rapid burn uptick comes after a period of lower burn figures, aligning with a market sell-off that dampened sentiment.
In recent days, Shiba Inu’s price has seen an upward trajectory, driven partly by the broader cryptocurrency market’s recovery. With Bitcoin’s price climbing and cryptocurrencies gaining a safe-haven status amid fears of a potential government shutdown, Shiba Inu followed suit. It posted three consecutive days of gains, reaching a high of $0.00001289 before retreating.
While the token has been consolidating within a narrow range for most of the year, investors are now eyeing the potential for an explosive rally in the fourth quarter.
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Shiba Inu Eyes Q4 Rally After Broad Consolidation
Since March, Shiba Inu has primarily traded within a defined range, fluctuating between $0.00001 and $0.0000176. However, many believe a decisive move above the $0.000017 mark could signal the end of this consolidation phase, paving the way for a more significant breakout. If this happens, the next targets could be as high as $0.000025 and possibly even $0.000033.
The $0.00001 support level has proved resilient, preventing the token from experiencing further downward pressure, particularly during market turbulence in April and June.
In another important update, Shiba Inu’s development team, led by Kaal Dhairya, addressed a recent issue concerning the Shibarium bridge incident. The 4.6 million SHIB delegation, initially exploited by an attacker, has been neutralized through a series of controlled contract upgrades. The team is working on restoring normal operations, ensuring users can safely bridge or withdraw their assets.
Looking ahead, Shiba Inu’s performance hinges on both the continuation of the broader cryptocurrency recovery and the progress of its burn initiatives. The strong weekly burn figures provide a glimmer of hope that the community’s commitment to reducing circulating supply might have a meaningful impact on the price.
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