Shiba Inu Burn Rate Shoots Up 1500%, Can SHIB Price Recover After Bloodbath?

Shiba Inu burn rate has once again surged 1500%, offering some support to the meme coin despite the ongoing market volatility. On Wednesday, April 9, burn data suggested that roughly 34 million coins were removed from the token’s circulating supply. In turn, crypto market watchers speculate whether a SHIB price recovery to previous highs is even possible amid broader uncertain trends. Notably, the renowned dog-themed meme coin has erased over 50% of its value since the beginning of this year to date. TradingView data shows that the meme crypto’s price slammed from a $0.00002 level to a $0.00001 level since January. Source: TradingView Here’s Why The Latest Shiba Inu Burn Data Sparks Optimism Official tracker Shibburn’s data revealed that 34.21 million Shiba Inu tokens were burnt in the past 24 hours. As an upshot, the SHIB burn rate surged 1538% intraday. Source: Shibburn site Notably, crypto market participants eye this event as a bullish price dynamic. Economic principles reveal that the price braces for a bullish impact should the supply take a severe hit. Following this principle, traders and investors are expecting a recovery-like price trajectory ahead. Simultaneously, the total number of coins removed from the meme crypto’s circulating supply to date totals 410.73 trillion tokens. Besides, 584.36 trillion tokens still remain in circulation. Meanwhile, SHIB burn metrics indicated that the wallet address “0x541f60e5576” was responsible for the lion’s share that caused today’s burn rate upswing. This address single-handedly burnt 17.13 million tokens, per the burn data. Can SHIB Price Recover? Top Analyst Stays Bullish Despite Volatility The recent Shiba Inu burn rate surge has failed to fuel a price pump as the meme coin traded down over 5% intraday, resting at $0.00001093. Notably, the price fell from a high of $0.00001143 in the past 24 hours, raising market concerns. Traders and investors are left scratching their heads as the price wanes despite bullish support due to the burn. Also, the weekly and monthly price charts show a dip of 10% and 12%, respectively. This broader waning price action is primarily attributable to the market facing macro heat due to Donald Trump’s tariffs and trade war tensions. Nevertheless, a top analyst has retained his bullish stance for the token. Crypto analyst Javon Marks revealed that SHIB token’s price has a potential for a +550% upside movement, although it remains vital for the broader market to digest current tensions. The analyst has been asserting for a couple of months that a $0.000081 target remains unchanged for the meme coin. This bullish prediction has turned heads market-wide, although a recovery for such a feat to occur remains vital. The chances of a price recovery to previous highs primarily depend on the abovementioned factors, such as constant Shiba Inu burns and macro support to risk assets. As of now, traders and investors continue to keep the meme coin on their radars, expecting a price action shift in tandem with broader trends. The post Shiba Inu Burn Rate Shoots Up 1500%, Can SHIB Price Recover After Bloodbath? appeared first on CoinGape .

Source: CoinGape