Shiba Inu (SHIB) has once again captured the attention of crypto investors with a significant surge in its burn rate. The latest data from blockchain tracker Shibburn shows a 390% increase in the number of SHIB tokens being permanently removed from circulation. In just 24 hours, a total of 16,479,283 SHIB tokens were burned, with the largest single transaction accounting for 13,717,986 SHIB.
Despite this impressive daily burn rate spike, the weekly burns have slowed down slightly, with a total of 61,082,353 SHIB tokens destroyed over the past seven days. However, this temporary slowdown has not deterred SHIB holders, who are optimistic about the potential for a price rally in the near future.
Renowned crypto analyst Ali Martinez has also weighed in on the situation, pointing to a strong buying signal for Shiba Inu based on the TD Sequential indicator. In his analysis, Martinez highlighted the bullish potential of SHIB’s weekly candle chart, suggesting a possible bullish reversal. While he did not specify a price target, past trends indicate that such signals often lead to upward price movements.
Martinez had previously predicted a rise in SHIB to $0.000029, based on a similar buy signal, which would represent a nearly 90% increase from the current price level of $0.0000159. While the TD Sequential indicator has had mixed success in the past, combining it with broader market trends could potentially increase its reliability.
In addition to the buying signal, Shiba Inu is also forming a rare Golden Cross on the weekly chart, which is considered a strong bullish signal. Currently trading at $0.000016 with a slight increase in the last 24 hours, SHIB’s market cap has reached $9.4 billion. The last time SHIB formed a Golden Cross was in February 2024, and shortly after, its price surged by 377% in March, reaching $0.00004567, a level not seen since 2021.
Overall, the combination of the increased burn rate, bullish signals from analysts like Ali Martinez, and the formation of a Golden Cross on the weekly chart point towards a potential price recovery and upward momentum for Shiba Inu in the coming days. Investors and traders will be closely watching to see if these indicators translate into a significant price rally for SHIB.