Shiba Inu is set to experience a significant surge, fueled by the burning of trillions of tokens expected to occur this year. However, some members of the Shiba Inu community believe that only hundreds of billions of assets will actually be burned.
In the past 24 hours, Shiba Inu has made a strong push to break its key resistance level and surpass its 2023 high, resulting in a 4% surge. However, over the past seven days, the meme coin has declined by 13% and is currently trading at $0.000009.
Analysts are optimistic that the burning of more Shib will lead to a rally that will “kill more zeros.” A deleted tweet from the admin of the Telegram group “Shibarium Tech” has sparked rumors of an upcoming surge, possibly triggered by the burning of 9.25 trillion tokens this month. The reason behind the deletion of the tweet by RagnarShiba remains unknown, but it is speculated that he wanted to temper expectations.
If the burning of 9.25 trillion tokens does occur, it will be the largest burn since Ethereum co-founder Vitalik Buterin burned trillions of the asset in the past. In November and December, over 36 billion Shiba tokens were burned.
Some members of the crypto community believe that Ragnar may have made a typo or missed some details in his tweet. They expect that only hundreds of billions of dog-themed assets will be burned this year.
According to these users, the surge in the price of Shiba Inu may not necessarily be linked to the amount of tokens burned, but rather to the burn phase itself. A price prediction platform has forecasted that Shiba Inu could reach $0.000026 by the end of the year.
The Shibburn platform has disclosed that 2,469,589 SHIB tokens were burned within a 24-hour period. Interestingly, this burn rate represents a 41% decrease compared to the 2274% surge seen on Friday.
At this rate, Shiba Inu could potentially reach $0.001 in the long term. Last month, analyst Ali noted that the asset had tested a major resistance level at $0.000011, which could propel it to $0.000014. However, he also predicted that the price could drop as low as $0.000008 if bears reject the current price.
Since September 2022, Shiba Inu has been trading within a descending parallel channel. Currently, the coin is testing a crucial resistance level at $0.000011, which is the upper boundary of this pattern. A decisive weekly close above this level could indicate a bullish breakout, pushing the price towards $0.000014. However, if the resistance level holds, a pullback to $0.000008 may occur before the bullish breakout.
The current bearish trend is not unique to Shiba Inu, as Dogecoin has also experienced a decline of 14.89% over the past seven days. However, in the past 24 hours, Dogecoin has seen a slight surge of 0.25%.
For more information on Dogecoin, you may be interested in our recommended buying guide, wallet tutorial, or checking the 24-hour price. Additionally, we provide the latest news on Dogecoin and a brief explanation of what it is.