SHIB Burn Rate Skyrockets 7,700%: Is $0.10 a Realistic Target for Shiba Inu?

The Shiba Inu (SHIB) community is abuzz with excitement as the token’s burn rate soars by an astonishing 7,700%. This surge has sparked widespread speculation: Could SHIB be on the cusp of reaching the much-anticipated $0.10 milestone?

The SHIB burn rate, as reported by Shibburn, has witnessed a remarkable increase. In just 24 hours, 266,727,310 SHIB tokens were sent to “dead wallets” through 21 transactions. This trend is not just a one-day wonder; over the past week, a staggering 544,958,383 SHIB tokens have been burned in 284 transactions. This aggressive reduction in SHIB’s circulating supply is a strategic move by the community to boost the token’s value.

Shiba Inu’s price has been showing bullish signs amidst this burning spree. The token reached a two-month high of $0.00000825 on October 26, indicating a strong market recovery. Despite a brief dip, SHIB’s price quickly rebounded, currently standing at $0.00000807, up 3.29% in the last 24 hours and 15.40% over the past week.

Since hitting a low of $0.0000066 on October 19, SHIB has been predominantly in the green, breaking past the crucial daily MA 50 barrier of $0.00000726, a significant resistance level since August.

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For SHIB to continue its upward trajectory, breaking the daily MA 200 barrier at $0.00000823 is key. Overcoming this hurdle could potentially lead to a rally towards the $0.00001134 level, marking a new phase in SHIB’s growth.

Adding to the excitement, the official Shiba Inu X account has teased a “good surprise” for the community, hinting at a significant development in the blockchain space. Along with a $5,000 SHIB giveaway, this announcement has significantly raised expectations among SHIB enthusiasts.

The combination of a dramatic increase in the burn rate and positive price movements places Shiba Inu at a pivotal point. The community’s anticipation for the upcoming SHIB identity reveal and other surprises highlights the token’s potential for significant advancements in the cryptocurrency world. As the community eagerly watches, the question on everyone’s mind is: Will SHIB reach the elusive $0.10 mark soon?