Shiba Inu (SHIB) burn rate has surged over the past 24 hours, providing a bullish outlook for the meme coin. This is also significant in that it suggests that Shiba Inu bulls are returning to the ecosystem.
Shiba Inu burn rate increases by 81%
According to data from Shiba Inu burn tracker Shibburn, the burn rate of meme coins has surged 81% in the past 24 hours, with 3.7 million coins burned during this period. Meanwhile, burn rates have surged by a whopping 3,600% over the past seven days, with 2 billion coins burned during this period.
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The spike in Shiba Inu burn rate is significant, indicating that the bulls are back in the meme coin ecosystem. Accumulation trends usually lead to surges in transactions, so more SHIB tokens are typically burned as investors accumulate meme coins. Data from market intelligence platform IntoTheBlock confirms that Shiba Inu whales are actively purchasing meme coins.
Large-scale transactions have surged by more than 13% over the past seven days, during which trillions of Shiba Inu tokens have been traded. In the last 24 hours, these bulls traded 2 trillion SHB tokens. Meanwhile, massive trading volume hit a recent high on September 26, when 9 trillion SHIB tokens were traded.
Shiba Inu prices have also reacted to these bullish indicators, surging more than 26% over the past seven days. This rally is expected to extend into October as meme coins could face a historic rally. Shiba Inus have always recorded positive monthly returns in October and we expect this time to be no different.
Moreover, the broader cryptocurrency market outlook is optimistic, which could support Shiba Inu to hit new highs next month. In particular, it was predicted that Bitcoin (BTC) could recover to the $70,000 price level in October. Therefore, given Shiba Inu’s strong positive price correlation with BTC, the flagship cryptocurrency will likely move to the upside.
SHIB may rise to $0.000081 soon.
Cryptocurrency analyst Javon Marks predicted that the meme coin could soon rise to $0.000081. He claimed that the price reacted significantly after discovering a number of hidden strength differences that were identified. In line with this, he added that an extended rally towards $0.000081 appears to be underway.
This means that the price of Shiba Inu has increased by more than 300%. Marks previously predicted that Shiba Inu would erase another zero from the price during this bull run, indicating that the meme coin could still rise higher after reaching the $0.000081 price level.
Interestingly, cryptocurrency analyst Smile recently predicted that the meme coin could rise to $0.05 by 2025. However, for prices to get close to that level, a significant amount of Shiba Inu’s circulating supply would have to be burned.
Source: NewsBTC.com