A fresh wave of burning transactions has hit the popular meme coin Shiba Inu (SHB) on Thursday, bringing the daily burn rate up by 1,361%. This is achieved in a staggering amount of 68 transactions to null crypto wallet addresses, posted on the burn trackerโs website.
Shiba Burn Effect On Shiba Inuโs Price
Normally receiving a single digit of SHIB burn transfers per day, the 68 burning transactions stand out as a key milestone in community engagement. Moreover, two of these transactions sent over 10 million Shiba Inu coins to the incinerator, while the total 24-hour burn count stands at 27,824,895 SHIB tokens.
As of now, thereโs still a circulating supply of 584,410,780,612,817 Shiba Inu coins, massively reducing in 5 years from the initial 999T supply. Amidst the action on the burn portal, SHIBโs price is floating above the $0.000013 territory. Currently, the 12% price hike from yesterday is met with a 5.4% market correction for SHIB on Thursday, as the daily trading volume dropped below $250 million, according to CoinGecko.
Where Can The Falling Wedge Take SHIB?
After a three-week slump, Shiba Inuโs (SHIB) price projection has entered a bullish falling wedge pattern, which happens when a continuous downtrend trend completes.
Some experts are thinking late May or early June, 2025 to be the start of a bigger bull run for SHIB price, while the falling wedge pattern, accompanied by a steadily-high trading volume, can take SHIB to $0.000081, according to recent technical analysis by Javon Marks.
Matter of fact, the same sentiment is shared by ALLINCRYPTO, a YouTuber and technical crypto analyst with over 25K subscribers. His analysis broke down the 168% potential driving Shiba Inu (SHIB) price to the $0.00002 price range, unseen since January 24, 2025.
Notably, this is a far more reserved Shiba Inu price projection than the one by Javon Marks, who forecasts an eventual 512% bull race for the dog-embossed meme coin to tackle $0.000081. If the bullish falling wedge pattern plays out, this could take Shiba Inu (SHIB) extremely close to the all-time high inked over four years ago.
On The Flipside
- Many SHIB Army members across social media channels dispute the current SHIB burning system, demanding burns in the billions for an immediate effect on price.
Why This Matters
Deflationary tactics on a memecoin with substantial utility can be used to induce scarcity, raising the odds of an eventual price appreciation.
Dig into DailyCoinโs popular crypto scoops:
Jim Cramer Says Bitcoin Ready For โReal Recoveryโ: Dip Coming?
Ethereum (ETH) Price Jumps Over 10%: Can It Keep Rising?
