The Shiba Inu (SHIB) burn rate has surged in the last 24 hours, providing a bullish outlook for the meme coin. This is also significant as it suggests that Shiba Inu bulls are again returning to its ecosystem.
Shiba Inu Burn Rate Surges By 81%
Data from the Shiba Inu burn tracker Shibburn shows that the meme coin’s burn rate has surged by 81% in the last 24 hours, with 3.7 million coins burnt during this period. Meanwhile, the burn rate has surged by an impressive 3,600% in the last seven days, with 2 billion coins burnt during this period.
Related Reading
The surge in Shiba Inu’s burn rate is significant, indicating that the bulls are back in the meme coin’s ecosystem. Since an accumulation trend typically leads to a transaction spike, more SHIB tokens are usually burnt as investors accumulate the meme coin. Data from the market intelligence platform IntoTheBlock also confirms that these Shiba Inu whales have been actively buying the meme coin.
Large transactions have surged by over 13% in the last seven days, with trillions of Shiba Inu tokens traded during this period. In the last 24 hours, these bulls have traded two trillion SHB tokens. Meanwhile, the large transactions reached a recent high on September 26, when nine trillion SHIB tokens were traded.
Shiba Inu’s price has also reacted accordingly to these bullish metrics, surging by over 26% in the last seven days. This rally is expected to extend in October as the meme coin could be on the verge of a historic run. Shiba Inu has always recorded positive monthly returns in October, and this time isn’t expected to be different.
Moreover, the broader crypto market outlook is bullish, which supports Shiba Inu reaching new highs next month. Specifically, there have been projections that Bitcoin (BTC) could reclaim the $70,000 price level in October. Therefore, given Shiba Inu’s strong positive price correlation with BTC, it will run as the flagship crypto moves to the upside.
SHIB Can Rise To As High As $0.000081 Soon Enough
Crypto analyst Javon Marks has predicted that the meme coin can rise to as high as $0.000081 soon enough. He claimed its price had responded massively after noticing multiple confirmed hidden bullish divergences. In line with this, he added that an extended rally towards $0.000081 looks to be in progress.
Related Reading
That represents a price rally of over 300% for Shiba Inu. Marks had also previously predicted that Shiba Inu would delete another zero from its price in this bull run, indicating that the meme coin could still rise higher even after it reaches the $0.000081 price level.
Interestingly, crypto analyst Smile recently predicted that the meme coin could rise as high as $0.05 by 2025. However, for its price to get close to that level, a significant amount of Shiba Inu’s circulating supply will need to be burnt.
Featured image created with Dall.E, chart from Tradingview.com
This news is republished from another source. You can check the original article here
