The Shiba Inu (SHIB) community is abuzz with excitement as the token’s burn rate soars by an astonishing 7,700%. This surge has sparked widespread speculation: Could SHIB be on the cusp of reaching the much-anticipated $0.10 milestone?
Unprecedented Surge in SHIB’s Burn Rate
The SHIB burn rate, as reported by Shibburn, has witnessed a remarkable increase. In just 24 hours, 266,727,310 SHIB tokens were sent to “dead wallets” through 21 transactions. This trend is not just a one-day wonder; over the past week, a staggering 544,958,383 SHIB tokens have been burned in 284 transactions. This aggressive reduction in SHIB’s circulating supply is a strategic move by the community to boost the token’s value.
Shiba Inu’s Price Dynamics: A Bullish Trend
Shiba Inu’s price has been showing bullish signs amidst this burning spree. The token reached a two-month high of $0.00000825 on October 26, indicating a strong market recovery. Despite a brief dip, SHIB’s price quickly rebounded, currently standing at $0.00000807, up 3.29% in the last 24 hours and 15.40% over the past week.
Since hitting a low of $0.0000066 on October 19, SHIB has been predominantly in the green, breaking past the crucial daily MA 50 barrier of $0.00000726, a significant resistance level since August.
The Road Ahead for SHIB: Breaking New Ground
For SHIB to continue its upward trajectory, breaking the daily MA 200 barrier at $0.00000823 is key. Overcoming this hurdle could potentially lead to a rally towards the $0.00001134 level, marking a new phase in SHIB’s growth.
Excitement Builds with Upcoming SHIB Developments
Adding to the excitement, the official Shiba Inu X account has teased a “good surprise” for the community, hinting at a significant development in the blockchain space. Along with a $5,000 SHIB giveaway, this announcement has significantly raised expectations among SHIB enthusiasts.
