Shiba Inu Price Surges 2% as 535.85 Million Tokens Burned

Shiba Inu, a popular meme coin, experienced a significant price surge over the weekend, driven by a substantial token burn event. The community behind the coin reported that 535.85 million SHIB tokens were destroyed in the past seven days, marking a 415% increase in the weekly burn rate. This massive reduction in supply has led to a bullish sentiment among traders and investors, who anticipate potential price gains.

The price of SHIB coin rose by over 2% intraday, closing at $0.00001276. The coin's price fluctuated between $0.00001244 and $0.0000129 during the day. The burn mechanism, which involves sending tokens to a null address, has significantly reduced the coin's market supply, aligning with the principles of supply and demand. As a result, the crypto market is optimistic about the long-term price prospects of Shiba Inu.

In addition to the weekly burn, intraday data showed that 5.11 million coins were destroyed in the past 24 hours. This constant burning of tokens has further fueled market optimism. To date, a total of 410.49 trillion SHIB tokens have been burned out of the 999.99 trillion tokens created. Market watchers are eagerly awaiting the potential returns as the current bull cycle resumes.

With the broader crypto market showing signs of recovery, investors remain optimistic about Shiba Inu's future movements. A crypto market analyst highlighted that SHIB recently challenged the upper resistance of a falling wedge pattern on the 4-hour chart, marking a crucial move. If the price manages to break out above the 50-day moving average, a bullish momentum can be confirmed. The analyst identified the next price targets at $0.00001375, $0.00001485, and $0.00001565, which represents a nearly 22% increase from the current level.

The massive token burn and the resulting reduction in supply have created a favorable environment for Shiba Inu's price to rise. The community's efforts to destroy tokens and the positive market sentiment have positioned the meme coin for potential gains in the near future. As the crypto market continues to recover, investors will be closely monitoring Shiba Inu's price movements and the impact of the ongoing token burn events.