Shiba Inu burned over 700 million coins this week in a remarkable event, sparking optimism as the meme coin's price rallied by 5%. Analysts now forecast a potential surge to $0.00004, buoyed by a growing bullish sentiment in the cryptocurrency market.

Shiba Inu's Price Rallies as Coin Burn Boosts Market Confidence, Targets $0.00004

According to CoinGape, Shiba Inu, one of the most popular dog-based meme cryptocurrencies, piqued the interest of crypto market traders and investors on April 20, as its weekly burn saw a significant increase. This spike in the meme coin's weekly burn rate coincided with the broader crypto market's recovery post-halving. It added a dash of market confidence to Shiba Inu as its market dynamics flourished while supply fell.

Meanwhile, SHIB surged over 5% in the last 24 hours, sending bullish ripples across the wide sea of cryptocurrency, with investors speculating on the token's future price action. CoinGape Media's recent analysis highlights a potentially imminent $0.00004 price objective for Shiba Inu, which has piqued investor interest.

Here's a deeper look at the critical market dynamics for the second-largest meme cryptocurrency by worldwide market capitalization, focusing on the token's key cryptographic parameters.

Shiba Inu Ignites Market Excitement with Massive 714M Coin Burn, Fuels Price Rally

According to Shibburn's insights, the Shiba crypto community incinerated 714.132 million SHIB in the last seven days, resulting in a 176.33% increase in the weekly burn rate. Shiba Inu’s total supply was evaluated to be 589.27 trillion SHIB, with the abovementioned burn weighing in. In contrast, the total number of coins burnt from the initial supply totaled 410.72 trillion, nabbing significant attention.

This mostly acted as a bullish element for the token, with supply decreasing and increasing demand and market dynamics. The greatest burn transaction logged last week was 650 million SHIB burned on April 14, which mostly caused the jump in the weekly burn rate.

Surprisingly, this spectacular burning of SHIB looks to be driving a price rally for Shiba Inu, with on-chain data for the token supporting the upward price movement.

Shiba Inu Surges 4.67%, Positioned for Rally as Market Anticipates $0.00004 Target Post-Halving

As of this writing, the Shiba Inu token has increased by 4.67% in the last 24 hours, reaching $0.00002306. It's worth mentioning that the coin has recently experienced significant pre-halving corrections, dropping below $0.00002 and causing investor excitement. However, following Bitcoin's halving on April 20, as the broader crypto market showed signs of recovery, SHIB's price movement increased in lockstep with the broader crypto horizon trend.

As CoinGape Media reported on April 19, the SHIB cryptocurrency showed symptoms of a strong comeback owing to various optimistic causes. With Shiba Inu keeping a favorable trend, crypto market aficionados speculate on its future price predictions.

CoinGape Media's investigation revealed that the self-proclaimed Dogecoin killer experienced significant demand pressure, resulting in a price comeback for SHIB to $0.0000227 during the current crypto market consolidation. Furthermore, the daily chart analysis shows the emergence of a bullish reversal pattern, indicating a probable Shiba Inu rally, accompanied by positive market sentiments following the halving.

If bulls continue to love the cryptocurrency, this paves the path for $0.00004. However, historical evidence suggests that the market may be in for a period of lengthy consolidation following the halving.

Photo: Microsoft Bing