Shiba Inu (SHIB) Poised for 18% Rally as Burn Rate Surges 12,833%

Shiba Inu (SHIB), renowned for its vibrant community and market hype, continues to be a prominent meme coin in the cryptocurrency landscape. Market analyst Tektonic has predicted that SHIB is on the verge of an 18% rally, driven by a significant surge in its burn rate. The analyst highlighted that SHIB is currently in a bullish technical structure, which could propel the price upward. The burn rate, which has increased by over 12,000%, indicates a growing pressure to reduce the supply, potentially acting as a catalyst for price movement. At the time of writing, SHIB was trading at approximately $0.00001179, with the $0.0000119 level being a critical resistance to watch for a potential breakout.

Crypto enthusiast Degen Profit echoed this sentiment, suggesting that if SHIB breaks through the $0.0000119 resistance at the upper trendline of its falling wedge pattern, it could see a 24% rally. This bullish signal indicates weakening bearish control, and a successful breakout could push SHIB towards $0.0000148, or even $0.0000177 in a stronger rally. The skyrocketing burn rate, which has increased by 12,833%, has led to a significant reduction in SHIB’s total supply. According to basic supply-demand economics, a lower supply with steady or rising demand typically drives prices higher. This scenario paints a bullish picture for Shiba Inu, as 410 trillion SHIB tokens were recently permanently removed from circulation, shrinking the meme coin’s total supply by 41%.