Over 700M Burned, SHIB Price Target $0.00004

One of the most popular dog-based meme cryptocurrencies, the Shiba Inu, recorded a notable spike in its weekly burn today, April 20th, and is gaining momentum among traders and investors in the cryptocurrency market. It aroused my curiosity. In parallel with the broader cryptocurrency market recovery following the halving, this spike in memecoin’s weekly burn rate offers a bit of optimism to Shiba Inu as market dynamics thrive despite being hit by supply. added.

Meanwhile, SHIB has soared nearly 5% in the past 24 hours, sending bullish ripples through the vast crypto ocean and leaving investors speculating about the token’s future price movements. Recent Analysis by CoinGape Media focuses on Shiba Inu’s potentially imminent $0.00004 price target, which has generated significant investor interest.

Here, we delve into the key market trends of the second largest meme cryptocurrency by global market capitalization, focusing on the token’s key crypto metrics.

SHIB Weekly Burn sparks investor optimism

according to Siobhan’s Insight, the Shiba crypto community reported burning a whopping 714,132,000 SHIB in the past seven days, increasing the weekly burn rate by 176.33%. The total supply of Shiba Inu was valued at 589.27 trillion SHIB, taking into account the aforementioned burns, while the total number of coins burned from the initial supply was a total of 410.72 trillion SHIB, which attracted great attention. .

this This is primarily playing out as a bullish factor for the token, with supply pushing demand and market dynamics for the token further apart. Meanwhile, the largest burn transaction recorded in the past week was his 650 million SHIB that was burned on April 14th, primarily causing a spike in the weekly burn rate.

Interestingly, this pronounced combustion of SHIB looks like it is The token’s on-chain data further validates the token’s price increase, driving Shiba Inu’s price appreciation.

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Shiba Inu prices are rising

At the time of writing, the Shiba Inu token has surged 4.67% in the past 24 hours and currently stands at $0.00002306. It is worth noting that in the past few days the token witnessed a notable correction before the halving, dropping below the $0.00002 mark, causing a stir among investors. However, after the Bitcoin halving today, April 20, SHIB’s price movement increased in parallel with broader crypto market trends as the broader crypto market showed signs of recovery.

As noted by CoinGape Media yesterday, the SHIB token showed signs of a strong recovery due to a number of bullish factors. Currently, as Shiba Inu continues to perform well, crypto market enthusiasts are speculating about its future price target.

especially, An analysis by CoinGape Media highlighted that the self-proclaimed Dogecoin killer witnessed significant demand pressure and the price of SHIB rebounded to $0.0000227 amid the recent consolidation in the broader cryptocurrency market. Additionally, daily chart analysis shows the formation of a bullish reversal pattern, indicating a potential upside for Shiba Inu with further bullish market sentiment post-halving.

This paves the way for a total of $0.00004 if the bulls continue to support this token. However, as historical data highlights, there may be a prolonged period of market consolidation after the halving.

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