SHIB Burn Rate Soars—Will Shiba Inu Price Follow With 81% Gains?

• A total of 410,745,405,123,635 SHIB has so far been removed from circulation after the SHIB burn rate increased by 33% in just 24 hours. 
• Analysts have hinted that SHIB is breaking out of a falling wedge pattern as large transaction volumes increase significantly. 

SHIB’s burn rate surges by 33% in the last 24 hours, eliminating 18.6 million tokens from circulation within the process. This has currently been recognized as one of the largest single-day burns after its 11 million token burns on September 14, which CNF previously mentioned in a report.

According to data from Shibburn, a total of 410,745,405,123,635 tokens have so far been removed from circulation, significantly reducing the available supply to 584,352,721,200,140 SHIB. Meanwhile, the impact on the price has been minimal as SHIB print losses across all the major trading periods.

According to our market data, the asset has declined by 0.26% in the last 24 hours, 0.23% in the last seven days, 16.9% in the last 30 days, 41% in the last 90 days, and 41% from year to date. However, the asset has managed to hold above the $0.00001274 level.

Shiba Inu (SHIB) Price Analysis

According to analysts, SHIB is currently breaking out of a falling wedge pattern. On the daily time frame, the asset is moving within a descending channel that has been in place for almost four months. A move above the upper boundary of the channel could see the asset surging by 81%.

Joining the SHIB discussion, an analyst identified as SHIB Bezos has predicted that the asset could surge by 17X from its current position. Mathematically, this would position the price at around $0.0002141. From the current $7.5 billion market cap, this explosive move could send the valuation to above $125 billion.

The analyst based his prediction on an accompanying chart which features the formation of a symmetrical triangle. Analyzing the chart, we found that SHIB has now moved to the lower side of the triangle which connects to the 2021 level. Technically, a successful playout of this set-up would see the asset making an initial step to $0.000030 before making a subsequent move to retest its all-time-high price level at $0.000088.

Source: SHIB Bezos

Meanwhile, experts have clarified that this could happen in months or even years, as each bar on this chart represents one month in a candlestick analysis. Shedding more light on this, it was explained that the movement from the upper side of the triangle to the lower level took four months to occur. Regardless, its potential upsurge has been confirmed by multiple indicators and renowned analysts, as detailed in our last news piece.

Currently, the SHIB network is recording massive engagement as its on-chain data shows several large transaction volumes. According to IntoTheBlock data, the total volume of large transactions on March 20 reached 7.49 trillion SHIB ($97 million at $0.000013). This is a representation of a 197% surge from the 2.52 trillion SHIB recorded in the previous day. According to our analysis, this is a massive bounce back from the 88% drop disclosed by CNF in a blog post in February.