The price of Shiba Inu (SHIB) started to rise with the recovery in the crypto market. Token, which increased by 6 %in the last 24 hours, also drew attention with 389 million SHIB, which was burned in February. Analysts predict that this great burning can have a positive impact on the price by reducing the supply.
Shiba Inu Token Burning and Price Effect
Shiba Inu reached $ 0.00001393 and gave recovery signals. Seeing the lowest 0.00001301 and the highest 0.00001412 levels in the last 24 hours, Shıb attracted the attention of investors with great burning.
According to Shibburn data, 389 million SHIB was completely removed from the circulation in February. While the total supply decreases to 584.32 trillion, it is thought that the burning mechanism can affect the supply-demand balance and withdraw the price in the long run.
SHIB ETF speculation and market expectations
Lucie, Shıb’s marketing leader, on February 27, “Wen Shib Etf?” ETF fueled the expectations of ETF. While ETF applications are made by major investment companies for Doge, this trend is also possible for Shıb.
While DOME ETF applications are examined by the SEC, Shiba Inu may also be positively affected by these developments. If the rumors of SHIB ETF are strengthened, investor interest is expected to increase and the price will move upward.
What are the new goals for Shiba Inu price?
Famous analyst Rose Premium Signals said that the critical support level for SHIB is $ 0.00001461. If the buyers come into play at this point, the price predicts that the price can reach 0.00002941 and $ 0.00003738. In the more optimistic scenario, SHIB has the potential to rise up to $ 0.00004401. At the same time, according to Coings data, Open positions (OI) of SHIB futures increased by 4 %and reached $ 143.50 million. This increase shows that investors’ interest is revived and can have a positive impact on the price.
Shiba Inu be on the verge of a big break? Token burning and ETF rumors can carry the price of SHIB to new summits? Investors closely follow these developments. If the market continues to recover and the investor interest increases, the Shıb can reach new peaks by exceeding the expected resistance levels. However, in this process, where the volatility is high, it is critical that investors are careful and follow the market movements closely.
