Shiba Inu Burn Rate Spikes 144,223%: Will SHIB Hit $0.00005?

Shiba Inu’s (SHIB) burn rate has spiked by 144,233.06%. The project’s burn mechanism has sent over 2 billion SHIB tokens to the dead wallet. One transaction in particular is responsible for most of the burns.

Also Read: Binance’s BNB Hits New All-Time High: Can It Hit $800 Next?

Shiba Inu’s Price Movements

SHIB has reclaimed the $0.00003 price point once again. The asset has rallied 24.1% in the weekly charts, 23.7% in the 14-day charts, 80.2% over the previous month, and 231.4% since December 2023. Despite the rally, SHIB’s price has dipped 0.5% in the last 24 hours.

The recent burns could be behind SHIB’s latest price spike. The crypto market is also witnessing a surge in altcoin prices. TRON (TRX) and BNB hit new all-time highs earlier today, and other altcoins are also experiencing significant gains.

The surge in altcoins could be due to Grayscale filing for a Solana ETF and WisdonTree filing for an XRP ETF.

Bitcoin (BTC) consolidating at the $96,000 level may have also prompted investors to move their funds to other assets, such as SHIB and other altcoins.

Also Read: Grayscale Files For Solana (SOL) ETF With NYSE

Can The Dog-Themed Crypto Hit $0.00005 Next?

According to CoinCodex, Shiba Inu (SHIB) could surge to $0.00006049 on Dec. 7, 2024. Hitting $0.00006049 from current prices will result in a 99.44% rally. CoinCodex does not anticipate SHIB’s price to hold above $0.00006. The platform anticipates the asset to fall below $0.00003 by the end of this month.

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Changelly analysts also paint a similar picture for SHIB. The platform predicts SHIB will hit $0.00006 on Dec. 7, 2024. Like CoinCodex, Changelly also anticipates SHIB’s price to fall to around current levels by the end of this month.

Shiba Inu (SHIB) may not face a correction and continue its rally over the next few weeks. Bitcoin (BTC) may soon breach the $100,000 level and hit a new all-time high, and in such a scenario, SHIB’s price may also rise to new highs.