- SHIB burn rate skyrockets 6200%, destroying over 290K tokens in a single day.
- Symmetrical triangle formation signals a potential 25–50% breakout.
- Traders eye a bullish surge as market supply drops significantly.
Shiba Inu (SHIB) is close to a major breakout, with technical indicators suggesting an imminent surge of up to 50%. This, combined with a burn rate of 6200% over the last 24 hours, has strengthened bullish sentiment, reflecting the law of supply and demand.
Data from Shibburn shows that 290,321 tokens were sent to dead wallets or permanently removed from circulation. This surge in burn activity reflects the community’s initiative and the growing interest in the meme coin as market supply tightens. Additionally, a weekly reduction of 135 million SHIB tokens has fueled the bullish sentiment.
On the price front, SHIB’s technical analysis shows a symmetrical triangle pattern, which often precedes market consolidation. This pattern suggests traders are undecided, with neither buyers nor sellers dominating. This calm phase could lead to a powerful move in either direction. Traders are preparing for a potential bullish trend. Market analysts predict a price surge of 25% to 50%.
SHIB Burn Rate and Fed Meetings
Moreover, the law of supply and demand seems to favor SHIB, as seen by the surge in Shiba Inu’s burn rate. The reduced supply could potentially increase prices. Over the past week, 135 million SHIB tokens were burned, signaling consistent supply-side pressure. However, investors should watch the upcoming Fed meetings.
Read also: Shiba Inu Community Aims High: Is $0.001 Price Target Realistic?
Not long ago, the United States Federal Reserve Chair Jerome Powell recently stated that there was no immediate need to introduce rate cuts. Powell said that rate cuts will require significant consideration, and the Fed will “approach decisions carefully.”
Nevertheless, for investors eyeing top meme coins amid the ongoing bull market, SHIB’s technical and fundamental factors align for a promising surge.
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