Shiba Inu Burn Rate Soars: Could SHIB Hit a New High in the Bull Market?

• Shiba Inu’s burn rate soared by 6,223%, burning 281,875 SHIB in 24 hours, reducing the circulating supply to 583 trillion tokens.
• In the last 24 hours, SHIB’s price jumped 4.98%, trading at $0.000025. SHIB price has jumped 31% monthly and 144% year-to-date.

Shiba Inu (SHIB) has seen an incredible rise in burn rate, sparking hope among investors that the meme coin could reach its previous all-time high (ATH), even after some tough times. In recent weeks, its burn rate has jumped by an incredible 6,223%, showing a strong push to reduce supply and create scarcity—two key factors for driving up prices.

According to the latest data, within a period of 24 hours, 281,875 SHIB were burnt. More than 410 trillion SHIB have been destroyed in recent months, bringing the circulating supply down to about 583 trillion tokens. Such a massive effort can make the cryptocurrency supply more limited, with analysts eyeing a positive shift in SHIB possible if the supply keeps going down.

Shiba Inu’s burn rate is going up just as the crypto market shows signs of recovery, now worth over $3 trillion. Even though Shiba Inu is still down more than 70% from its peak, the higher burn rate and the market recovery could lead to price increases soon.

Is Shiba Inu Poised for New ATH?

Shiba Inu’s price has started to rise, showing results from recent efforts. In the last 24 hours, SHIB has also jumped 4.98% in price and is trading at $0.000025, according to the CNF’s SHIB Price Index. In the last month, its price has jumped by over 31%, taking its year-to-date uptick to over 144%.

Apart from the continued support by the SHIB community, the key updates coming from the development team are believed to be the most reasonable factors for such a price rally in Shiba Inu. The Shibarium burn portal has been helpful in this regard by facilitating an easy avenue for users to contribute to token supply reduction. This move has turned SHIB from a meme coin into a platform with real uses, creating more demand.

 Looking at the bigger trends, Shiba Inu seems to be setting up for a possible price rally. After months of consolidation, SHIB is testing a key resistance pegged at $0.000025. If it maintains the level, this might open up the route for further upsides-pegged resistance at $0.00003. A break above it would mean new highs, crawling back to the previous ATH.

One factor boosting confidence is the recent upward movement of SHIB’s 50-day and 200-day moving averages. Both such key signals have recently been broken to the upside, suggesting that SHIB might enter a period of bullishness. More importantly, volumes have been on the rise, indicating that investor interest in SHIB is growing and might drive its price upward.

61% of Shiba Inu Holders in Profit

On-chain data shows that big investors, or whales, are becoming more active in the Shiba Inu market. In the past week, transactions over $100,000 totaled $2.69 billion, indicating strong interest. Around 61% of Shiba Inu holders are in profit, which could encourage more buying if prices keep rising.

However, there’s a warning. About 31% of SHIB addresses are at a loss, showing that some holders are struggling with current prices. The fact that whales control 73% of SHIB adds to the risk. While they can help support the price, their ability to influence the market means large sell-offs could cause sudden drops. Still, the trading volume remains strong at 3.4 trillion SHIB in the past 24 hours, indicating that the market is still active.