Shiba Inu (SHIB) has witnessed a dramatic price surge, climbing to its highest level since February, following substantial token burns and rising market interest.
On May 11, the price reached $0.000016, with a weekly burn rate spike of 234,584%, translating into over 19 million tokens incinerated. On March 25, SHIB’s price also responded to a 9,400% increase in burn rate, reinforcing the impact of supply contraction. Notably, large burns included one user sending over 17.8 million tokens to a burn address and another burning 1 million tokens in a single transaction.
Since inception, more than 410 trillion SHIB tokens have been permanently removed from circulation, mostly through high-profile burns. The recent bullish momentum aligns with the formation of a popular harmonic chart pattern that, analysts suggest, could propel SHIB to its 2024 high near $0.0000455, representing a potential 190% increase if the token breaks above the critical $0.000033 level.
Additionally, Shiba Inu’s utility and network engagement are rising, with Shibarium (its Layer-2 solution) handling 3.76 million transactions in 24 hours and total value locked (TVL) surging to $3.84 million, its peak since January. Increased activity on ShibaSwap and WoofSwap is fueling further growth.
These market dynamics have heightened volatility and speculation across the crypto sector, with traders and analysts closely monitoring possible regulatory reactions and longer-term effects on investment strategies.