Shiba Inu Burn Rate Skyrockets 390% as Top Analyst Predicts Major Price Recovery

The post Shiba Inu Burn Rate Skyrockets 390% as Top Analyst Predicts Major Price Recovery appeared first on Coinpedia Fintech News

Shiba Inu (SHIB) is back in the spotlight as its burn rate has surged by an impressive 390%. However, millions of SHIB tokens have been taken out of circulation, sparking excitement among investors. Meanwhile, the SHib token price is seeing no such bullish momentum, yet well-known crypto analyst, Ali Martinez, believes a strong recovery could be coming, citing a weekly chart signal.

Shiba Inu Burn Rate Sees Massive Spike

Blockchain tracker Shibburn has reported a sharp increase in the SHIB burn rate over the last 24 hours, with a total of 16,479,283 SHIB tokens permanently removed from circulation. 

Apparently, the largest single transaction alone burned 13,717,986 SHIB, while another significant transaction saw 2,026,165 SHIB burn.

Despite this daily surge, weekly burns have slowed down. Over the past seven days, a total of 61,082,353 SHIB tokens were destroyed, marking a decline of 94.82% in the burn rate. 

However, this temporary slowdown has not dampened the belief of SHIB holders who remain hopeful about a potential price rally.

Buying Signal for SHIB

Top analyst Ali Martinez has pointed to a strong buy signal for Shiba Inu based on the TD Sequential indicator. In his latest analysis, Martinez highlighted that SHIB’s weekly candle chart suggests a potential bullish reversal. 

Although he did not specify a price target, past trends suggest that such signals often lead to upward movements.

Similarly, Martinez had earlier predicted SHIB would rise to $0.000029, predicting almost 90% from the current price level of $0.0000159 based on a similar buy signal. 

While the TD Sequential indicator has had mixed success, analysts believe combining it with broader market trends could increase its reliability.

Shib Forming Rare Golden Cross

As per the Shiba Inu price analysis, SHIB has formed a rare Golden Cross on the weekly chart, a strong bullish signal. As of now, SHIB is trading at $0.000016, with a slight rise in the last 24 hours, while its market cap has reached $9.4 billion.

Meanwhile, the last time SHIB formed this pattern was in February 2024. However, shortly after, its price surged 377% in March, reaching $0.00004567, a level not seen since 2021.