Shiba Inu price garnered significant investor attention on Saturday, surging against the backdrop of a weekly SHIB burn saga. The latest burn metrics by the coin’s community indicated a staggering 535 million tokens destroyed in the past 7 days. As an upshot, traders and investors eye looming price gains, whilst a renowned market analyst further highlights the potential for a 22% rally soon.
Shiba Inu Price Bullish As 535M Tokens Burnt Weekly
SHIB coin’s price today gained over 2% intraday and closed in at $0.00001276. The meme coin bottomed and peaked at $0.00001244 and $0.0000129, respectively. For context, the rising price trajectory aligns with the massive blow to the supply brought by a phenomenal weekly burn chronicle.
According to the data from Shibburn on X, 535.85 million SHIB tokens were burnt over the past seven days, resulting in a 415% upswing in the weekly burn rate. With this massive burn weighing in, a staggering 410.49 trillion coins have been burnt to date in total.
For context, the burn mechanism deals a massive blow to the meme coin’s market supply by sending tokens to a null address. Therefore, crypto market traders and investors anticipate a bolstered effect on Shiba Inu price amid reduced supply, mirroring the law of supply and demand.
Intraday Burn
Meanwhile, the intraday burn data indicated that 5.11 million coins were destroyed in the past 24 hours. The constant burns further fuel market optimism surrounding the crypto’s long-term price prospects.
Notably, a total of 999.99 trillion SHIB tokens were created, of which roughly 410 trillion have been destroyed to date. Yet, market watchers eagerly await phenomenal returns as the current bull cycle halted amid macro heat.
Can SHIB Price Gain 22%?
Nevertheless, with the broader crypto market showing a recovery trend this weekend, investors remain optimistic about future movements. As mentioned above, Shiba Inu’s price entered the green zone leveraging its burn rate surge today.
In the midst of this optimism, a crypto market analyst took to X, revealing crucial price statistics. As per analyst ‘Rose Premium Signals,’ SHIB recently challenged the upper resistance of a falling wedge pattern on the 4H chart, marking a crucial move.
Source: Rose Premium Signals, X
In the wake of this trajectory, if the price manages to break out above the MA 50, a bullish momentum can be confirmed. The analyst spotlights the next price targets at $0.00001375, $0.00001485, and $0.00001565, which is up nearly 22% from the current level.
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