Shiba Inu coin traded between $0.000021 and $0.000023 during the holiday period. In 2024, Shiba Inu burned 44.6B SHIB worth $991K.
However, the community sees the burn rate as insufficient for major supply reduction. Moreover, a whale withdrawal of $4.63M SHIB from Binance sparked speculation of a potential price rally.
This occurred amid a consolidation around $0.000021-$0.000023. Analysts predict SHIB could rally 260% to $0.000081 if resistance at $0.00003 is breached.
The Shibburn platform reports that 44.6 billion SHIB tokens were burned from the Shiba Inu ecosystem in 2024. This burn effort was made possible by the Shiba Inu team and its community.
The tokens which were burnt had a value of about $991,090 in the current market price. However, the valuation changed because the burns happened at the different price levels throughout the year.
However, the community still complained that the burn rate is still insufficient to cut down the 564 trillion token supply. Numerous urged for more burn efforts in order to produce a much larger effect.
– Advertisement –
Also, a single whale has withdrawn 220 billion SHIB worth $4.63 million from Binance. This has generated a lot of discussion on the possibility of a price surge for Shiba Inu coin .
This particular withdrawal had not been made from the whale’s wallet for the past five months and this has raised a lot of eyes within the crypto space.
The transaction coincided with a period of price consolidation for Shiba Inu. The token traded between $0.000021 and $0.000023 during the holiday period.
Analysts have taken this consolidation as a setup for a possible breakout especially with the large holders coming back into the market.
Analysts Predict a 260% Rally to $0.000081 For Shiba Inu Coin
Furthermore, market experts state that Shiba Inu could rise to $0.000081, which is 260% more than it is today if some crucial levels are breached.
It also identified bullish signals with the price breaking a key resistance level in the long term trendline according to analyst Javon Marks.
The token has touched this trendline as a support line which is often seen as an attempt to upward momentum.
If the rally is to happen, Shiba Inu has to break through the first barrier at $0.00003 where more than 42k addresses hold 60.44 trillion SHIB tokens.
Higher sell walls are seen in the range between $0.000024 and $0.000030 with 70.35 trillion SHIB. Breaking through these barriers may open the door for the token to hit its next milestone at $0.000081.
Long-Term Price Target Hinges on Market Conditions
As Shiba Inu keeps following its current trajectory, and the rest of the market starts to recover, experts believe that the token may aim at $0.000155.
This would be a new high for Shiba Inu and has never been seen before in its history. It’s important, though, to keep the momentum going and have the right market conditions in order to achieve this level.
At press time, Shiba Inu (SHIB) coin was trading at $0.00002239, which is a 6.96% increase over the last 24 hours. The token’s market capitalization has gone up by 7.01% to stand at $13.19 billion.
The volume of trades conducted in the 24hours is $414.49 million, which is a rise of 18.59%. Still, with a circulating supply of 589.25 trillion SHIB, the token keeps on gaining more traction as it maintains bullish momentum.
