Shiba Inu's Burn Rate Soars 389%: Analyst Predicts 50% Price Surge
- Shiba Inu's burn rate saw a dramatic increase of 389%, with nearly 6.3 million tokens burned.
- Kevin's bullish prediction is supported by a notable price trend and a buy signal from the MACD indicator.
- The combined positive market sentiment and technical analysis position Shiba Inu for potential significant price gains.
On October 20, 2024, influential cryptocurrency analyst Kevin noted a bullish technical formation in Shiba Inu, suggesting a potential 50% price increase. This prediction emerged alongside a significant spike in the token's burn rate, which soared by 389% in a single day, as nearly 6.3 million SHIB tokens were removed from circulation, creating more deflationary pressure on the currency. As a result of these developments, Shiba Inu experienced a notable gain, rising over 32% in the preceding month. The rally coincides with an overall uptrend in the cryptocurrency market, as major assets like Bitcoin and Ethereum have recently surged, indicating a renewed investor interest and optimism for new price peaks. At the time of reporting, Shiba Inu traded at $0.00001897, reflecting an increase of nearly 2% within the last 24 hours. Analysts view Kevin's assessment and the MACD buy signal as indicators of a potential rebound in the cryptocurrency's value, aligning with the bullish momentum currently experienced in the market.