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Shiba Inu coin traded between $0.000021 and $0.000023 during the holiday period. In 2024, Shiba Inu burned 44.6 billion SHIB worth $991 thousand.
However, the community considers the burn rate insufficient to significantly reduce supply. Moreover, SHIB’s large withdrawal of $4.63 million from Binance fueled speculation of a potential price rally.
This happened in the midst of a consolidation around $0.000021-$0.000023. Analysts predict that SHIB could rise 260% to $0.000081 if the resistance at $0.00003 is broken.
The Shibburn platform reports that 44.6 billion SHIB tokens were burned from the Shiba Inu ecosystem in 2024. This burning effort was made possible by the Shiba Inu team and its community.
The tokens that were burned had a value of about $991,090 at the current market price. However, the estimate changed as ignitions occurred at different price levels during the year.
However, the community still complained that the burn rate was still insufficient to reduce the supply of 564 trillion tokens. Many have called for more incineration efforts to achieve much greater output.
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Also, one whale withdrew 220 billion SHIB worth $4.63 million from Binance. This has caused much discussion about the possibility of a jump in the price of the Shiba Inu coin.
This particular withdrawal has not been made from the whale wallet for the last five months and it has raised many eyes in the crypto space.
The transaction coincided with a period of price consolidation for the Shiba Inu. The token traded between $0.000021 and $0.000023 during the holiday period.
Analysts saw this consolidation as a prelude to a possible breakout, especially with large owners returning to the market.
Analysts predict a 260% rise to $0.000081 for Shiba Inu Coin
Furthermore, market experts state that Shiba Inu could rise to $0.000081, which is 260% higher than today if some key levels are broken.
He also identified bullish signals with price breaking a key resistance level on the long-term trend line according to analyst Javon Marks.
The token has touched this trend line as a support line which is often seen as an attempt at an upward swing.
If the surge happens, Shiba Inu needs to break the first barrier at $0.00003 where more than 42 thousand addresses hold 60.44 trillion SHIB tokens.
Higher selling walls are seen in the range between $0.000024 and $0.000030 with 70.35 trillion SHIB. Breaking these barriers may open the door for the token to reach its next milestone at $0.000081.
The long-term target price depends on market conditions
As Shiba Inu continues to follow its current trajectory and the rest of the market begins to recover, experts believe that the token could target $0.000155.
This would be a new high for the Shiba Inu and has never been seen before in its history. However, it is important to maintain momentum and have the right market conditions to achieve this level.
At press time, Shiba Inu (SHIB) coin was trading at $0.00002239, up 6.96% in the last 24 hours. The token’s market capitalization increased by 7.01% to $13.19 billion.
The volume of trades made in 24 hours is 414.49 million dollars, which is an increase of 18.59%. Still, with a circulating supply of 589.25 trillion SHIB, the token continues to gain traction as it maintains its bullish momentum.
