The popular dog-themed altcoin Shiba Inu (SHIB) is showing interesting movements in the cryptocurrency market. Especially when it is considered with the market recovery seen after the fourth block reward halving of Bitcoin, the decrease in the circulating supply of the altcoin potentially affects market dynamics and increases investors’ optimism.
The Burn Rate of Tokens in the Last 7 Days Has Increased by Over 176%
The main asset of Shiba Inu, SHIB, is sending positive signals to the market with a 6% increase in the last few days. Expert analysis predicts 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 operation during this period took place on April 14th with the burning of 650 million SHIB. When evaluated with on-chain data supporting the price increase of SHIB, this event shows an increasing trend for the altcoin.
Short-Term Targeting of 0.00004 Dollars Is Expected
Currently, the price of SHIB is at the 0.0000227 dollar level and has shown a 4.67% increase in the last 24 hours. It can be seen that there is a general market recovery before and after the block reward halving of Bitcoin. Technical analysis indicates a strong potential for an increase in SHIB’s price and it is expected to reach the 0.00004 dollar level in the near future.
Useful Information for the Reader
The increase in the burn rate of SHIB tokens can support price increase.
Experts predict that SHIB can reach the short-term target of 0.00004 dollars.
Consider the general trend of the market towards recovery after the block reward halving.
In conclusion, important factors that can influence the future price movements of Shiba Inu include token burn rates and general market recovery trends. These are important factors to be considered by investors and market watchers when evaluating the potential rise of SHIB.
0 Comment