Bittime – The price of the Shiba Inu token (SHIB) may soon spike as the weekly burn of the SHIB token is experiencing a drastic increase. This is based on the latest data from tracking platform Shibburn and crypto analyst reports.
Increased SHIB Token Burning
According to Shibburn, a platform that tracks SHIB token burning, SHIB's key metric, namely the burn rate, has jumped sharply on a weekly basis. This increase occurred even though the daily burn rate showed a decline today.
Through its official X account, Shibburn publishes the latest data regarding the Shiba Inu burn rate. Over the past seven days, weekly burn jumped more than 685%. In total, the SHIB community has burned 399,586,110 SHIB tokens this week.
However, the tweet also stated that the daily burning rate fell by almost 63%. A total of 39,878,482 SHIB tokens were burned and sent to dead wallets.
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Analyst Predicts SHIB Price Surge
Crypto analyst Ali Martinez believes that SHIB, as the second largest meme cryptocurrency by market capitalization, is poised to experience a price increase. In his latest X post, Martinez shared a daily chart of SHIB showing a buy signal on the TD Sequential indicator.
Summer: Over
When this article was written on June 17, 2024, SHIB was trading at around $0.00002030. However, Martinez estimates that this asset has the potential to soar to the level of $0.00002800 or close to that figure. If achieved, the SHIB price will rise by around 35%.
Please note that in the past week, SHIB's price has fallen 21.7% from $0.00002530 to $0.00001983 on Friday. Currently, SHIB is showing a slight increase of around 4.7% and is trading at $0.00002030.
Burn Increase Analysis and SHIB Price Prediction
While the spike in SHIB burning and crypto analysts' predictions of a price increase are good news, it is important to understand the factors that influence SHIB price movements.
The increase in SHIB burning aims to reduce the number of tokens in circulation. This is based on a basic economic principle: the fewer goods in circulation, the higher their potential for price increases.
However, it is worth noting that the impact of burning on the price of SHIB depends on the overall demand for the token. If demand remains stagnant or declines, high burn may not necessarily lead to significant price increases.
Technical vs. Technical Analysis Fundamental Analysis
Crypto analyst predictions, such as Ali Martinez, are often based on technical analysis. Technical analysis studies historical price and volume movements to predict future price movements.
However, this analysis does not take into account fundamental factors that can influence the price of SHIB, such as the development of projects built on Shibarium, news and market sentiment, as well as government regulations regarding cryptocurrencies.
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Conclusion
The significant increase in SHIB token burning is accompanied by predictions of price increases from crypto analysts, giving rise to hope for SHIB holders. However, keep in mind that analyst predictions are just estimates and crypto prices are highly volatile.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR. To be able to buy SHIB IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy a Shiba Inu (SHIB) at Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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