As a popular meme coin, Shiba Inu (SHIB) has surged by 30% in price over the past month, reflecting increased investor confidence and an optimistic market outlook regarding its future potential. Despite high volatility in the crypto market, SHIB has performed outstandingly in the meme coin sector, showing a good growth trend.
Notably, the volume of token burns has increased dramatically by 6070%, indicating that demand is rising while supply is limited, strongly supporting the upward price trend.
The price of Shiba Inu is expected to rise significantly, with a burn rate soaring by 6070%
Shibburn data shows that the number of Shiba Inu tokens burned in the last 24 hours surged by 6070%, with approximately 4,187,786 $SHIB tokens disappearing from circulation just on Tuesday. Currently, the total number of SHIB tokens burned exceeds 410 trillion, while the circulating supply remains at 580 trillion, indicating the significant impact of the burn mechanism on the cryptocurrency ecosystem.
Meanwhile, the cryptocurrency fear and greed index is in the green zone, indicating positive market sentiment. Coupled with bullish technical charts, expectations for price increases have further grown.
Since November, the price of Shiba Inu has risen by 90%
Today, its price trend is also relatively positive, up 3% to $0.00002546, although there have been fluctuations in the past 24 hours, the overall trend remains upward.
However, the price of Shiba Inu faces significant resistance at the $0.000028 level. If buyer activity increases, it may push the price to break through the critical level of $0.00003. If the bullish trend continues, by the end of November, its price could climb to $0.0005, representing a potential increase of 90% from current levels, marking a strong recovery for this meme token.
From the relative strength index (RSI) perspective, it is approaching 65, indicating that SHIB is nearing the overbought zone, reflecting growing investor demand.
Additionally, whale activity surrounding SHIB shows a clear pattern, with large holders owning over $5 million in stablecoins. Recently, as prices have fluctuated, whale interest has increased. Charts show a significant correlation between price changes and whale holdings, and market participants are closely monitoring these situations to assess SHIB's future momentum.
In summary, driven by the surge in token burns of 6070%, the price of Shiba IB has skyrocketed by 30%. With positive market sentiment, bullish technical patterns, and growing whale interest, it could reach $0.0005, which means a potential increase of 90% by the end of November.
