Shiba Inu: Burn Rate Spikes 4200%, Will SHIB Delete a Zero Now?

Paigambar Mohan Raj
Shiba Inu
Source – CoinCodex

Shiba Inu (SHIB) has witnessed a significant spike in its burn rate. According to Shibburn, 86,015,940 (86 million) SHIB tokens were destroyed in the last 24 hours, pushing the burn rate by 4200.80%. One transaction, in particular, burned most of the tokens, sending over 85 million SHIB to the dead wallet.

Source: Shibburn

Also Read: Shiba Inu: Shibarium Hits New Milestone, Will SHIB Delete a Zero?

However, despite the spike in the burn rate, Shiba Inu’s (SHIB) price continues to struggle. The popular memecoin has faced a 2.5% correction in the daily charts and is down 3.6% in the weekly charts. Moreover, SHIB’s price has fallen by over 27% since February 2023. Nonetheless, the asset has rallied 4.2% in the 14-day charts and 4.8% over the previous month.

Source: CoinGecko

Also Read: Shiba Inu: What Will Accelerate SHIB to $0.0001?

SHIB has struggled to delete a zero it gained in December. The $0.00001 resistance level has proven to be a formidable price point.

Will Shiba Inu (SHIB) delete a zero soon?

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According to CoinCodex, SHIB could delete a zero by Feb. 28, 2024, hitting a price of $0.00001025, a rise of about 8.4% from current levels. However, the platform does not anticipate SHIB’s price to hold, predicting it to fall below $0.000009 by Mar. 1, 2024.

Source: CoinCodex

Also Read: Shiba Inu (SHIB) Could Rally 51% to $0.0000149: Predicts Analyst.

Changelly, on the other hand, anticipates Shiba Inu (SHIB) to delete a zero this week, reaching $0.00001006 by Feb. 24, 2024, a rise of about 6.3% from current levels. However, Changelly also predicts SHIB’s price to fall below $0.000009 on Mar. 1, 2024. The platform expects the popular dog-themed crypto to reach a maximum price of $0.0000159984 this year.

However, we may see a Shiba Inu (SHIB) rally in the second quarter of this year, fuelled by Bitcoin’s (BTC) halving and the possibility of a spot Ethereum (ETH) ETF (Exchange Traded Fund).