The price of Shiba Inu (SHIB) is followed by investors and traders, despite the general volatility in the crypto market. In particular, the reduction of circulating supply through Shıb burning process positively affects market sensitivity. According to the latest data, approximately 128 million SHIB Token was burned last week. Technical indicators indicate that if this process continues, Shiba Inu can reach a price explosion of 300 %.
Can Shiba Inu benefit from the burning process?
The price of Shiba Inu has been stagnant for a while under the influence of general crypto market trends. According to the press time, Shıb price decreased by 2.5 %, while the weekly and monthly losses were recorded as 9 %and 24 %, respectively. It is stated that this decline is linked to factors such as recent macroeconomic pressures and cyber attacks on the Bybit stock exchange. However, the current burning data increased investor optimism by showing that circulating supply has significantly decreased.
The Shibburn platform said on February 22, 128.22 million shibs were burned in the last week. This data indicates an increase of 120.3 %in the weekly shıb burning rate. Market observers support the expectation of rise by evaluating the increase in this burning rate within the framework of supply and demand law. As it is known, Shıb’s burning mechanism permanently lifts the tokens to an inaccessible wallet and lifts the supply permanently.
How much shıb has been burned so far?
According to the current data, a total of 410,72 trillion Shıb Token has been burned so far. As of the news of the news, the total supply in circulation was calculated as 584.30 trillion token. It was reported that 180,59 million shibs were burned by the community during February and 90 burning transactions were performed. In January, 1.16 billion token was removed from the circulation with 124 burning processes. This supply contraction continues to increase the positive expectations of investors for the price of SHIB.
Is it possible for a 300 %rise for Shıb?
Shıb price analysis by experts reveals that crypto currency has an increase potential in line with strong technical indicators. In particular, the increase in the number of active addresses and whale activities show that market optimism increases in Onchain data. In addition, the presence of the MVRV (market value/value) ratio is in parallel with the historical rise trends. In the past, similar conditions led to a price increase of 55 %.
However, it is emphasized that investors should be careful and past performances do not always guarantee future price movements. However, according to Shiba Inu’s technical analysis, the price seems to be the opposite shoulder-head-form formation. If the crypto market enters the general recovery process, Shıb may lead. The critical resistance level is determined as 0.0000326 dollars. Providing a permanent attachment above this level may pave the way for Shıb to increase a 300 %rise.
