The popular dog-themed altcoin Shiba Inu (SHIB) is showing interesting movements in the cryptocurrency market. Especially when considered in the context of the market recovery seen after Bitcoin’s fourth block reward halving, the potential decrease in the circulating supply of the altcoin is potentially affecting market dynamics and increasing investor optimism.
The Token Burn Rate in the Last 7 Days Has Increased by Over 176%
The main asset of Shiba Inu, SHIB, has been sending positive signals to the market with a 6% increase in the last few days. Expert analyses predict a rise to the 0.00004 dollar level for the altcoin. According to data provided by the Shibburn platform, 714.13 million SHIB were burned in the last week, indicating a 176.33% increase in the weekly burn rate.
The largest token burn transaction during this period occurred with the burning of 650 million SHIB on April 14th. When evaluated with on-chain data supporting the price increase, this event shows an increasing trend for the altcoin.
A Short Term Target of 0.00004 Dollars is Expected
Currently, SHIB’s price is at the 0.0000227 dollar level, showing a 4.67% increase in the last 24 hours. It is observed that there has been a general market recovery before and after Bitcoin’s block reward halving. Technical analyses indicate a strong potential for an increase in SHIB’s price and it is predicted to reach the 0.00004 dollar level in the near future.
Useful Information for the Reader
The increase in the token burn rate of SHIB could support price increase.
Experts predict a short-term target of 0.00004 dollars for SHIB.
Taking into account the general trend of market recovery after the block reward halving, it is important to consider.
In conclusion, important factors that could influence the future price movements of Shiba Inu include token burn rates and general market recovery trends. For investors and market watchers, these are important factors to consider when evaluating the potential rise of SHIB.
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