The Shiba Inu community witnesses a staggering 1,200% spike in its burn rate, fueling optimism for a bullish rally, while experts predict Bitcoin (BTC) will approach $80,000 ahead of its next halving.

Shiba Inu's Burn Rate Skyrockets, Fueling Anticipation for Market Rally

In a recent report by U.Today, the Shiba Inu (SHIB) community is ecstatic following the latest token burn of the popular meme coin. According to data from tracking service Shibburn, SHIB's burn rate has increased by 1,207.63% in just 24 hours. Furthermore, over 51 million Shiba Inu tokens were sent to inactive addresses.

Shiba Inu, the second-largest meme coin in market capitalization, relies heavily on the token-burning mechanism. The token has a massive circulation supply, so massive token burn events are required for a more efficient supply. Furthermore, reducing the total supply of SHIB is necessary to keep the coin deflationary.

These factors are one of the primary reasons the Shiba Inu community is so active in token burn events. According to Shibburn data, the SHIB community has burned 410.7 billion tokens from the initial supply. As of this writing, the Shiba Inu circulation supply is 582.7 trillion.

Shiba Inu Price Surges Following Major Token Burn, Defying Market Expectations

Interestingly, major token burns, such as the one seen today, have injected bullish momentum into the Shiba Inu price. While giant price rallies are unlikely, token burn events can result in significant price gains. Notably, the SHIB price is already poised for a breakout.

Shiba Inu is trading at $0.00003123, up 4.15% over the last 24 hours. While these appear minor gains, the overall picture is quite astonishing. According to the most recent CoinMarketCap data, SHIB's price has increased by approximately 199.96% over the last 30 days.

This massive monthly rally for Shiba Inu follows the recent meme coin bull run, which saw considerable gains in various meme-based currencies. This meme coin resurgence, led by Dogecoin (DOGE) and SHIB, has defied expectations. It has successfully restored investor confidence in these meme coins, establishing new industry benchmarks.

Bitcoin Eyes $80K Milestone Ahead of 2024 Halving, Analyst Predicts Major Rally

Bitcoin (BTC) has served as a beacon for investors and enthusiasts in the volatile cryptocurrency landscape. In a recent tweet, renowned crypto analyst Michaël van de Poppe predicted a significant increase in Bitcoin's value as it approaches the $75-80K range before the upcoming halving event.

According to van de Poppe, Bitcoin is currently in a consolidation phase, and he believes it is approaching the peak of its current run. He anticipates another test of the all-time high (ATH), potentially reaching $75,000 to $80,000 before the halving event, followed by a correction period.

The upcoming Bitcoin halving, scheduled for April 20, 2024, has been a hot topic in the cryptocurrency community. Halving events, which occur every four years or after 210,000 blocks have been mined, significantly reduce the reward for mining new blocks by half. This process, built into Bitcoin's very fabric, aims to replicate the scarcity and deflationary aspects of precious metals such as gold.

The reward was initially set at 50 BTC, but it has been halved several times and is now 6.25 BTC. After the upcoming Bitcoin halving, this reward will be reduced to 3.125 BTC, slowing the rate at which new coins enter the system.

While the halving mechanism is intended to prevent inflation and extend the mining life cycle, it often results in significant price volatility and market anticipation. Historical patterns suggest that Bitcoin frequently experiences significant price increases before halving due to reduced supply and increased demand.

On March 27, Bitcoin is trading at $70,114, a 1.15% decrease from the previous 24 hours. This coincides with a significant drop in trading volume, which fell 23.66% to $34.06 billion, indicating a cautious market stance as investors and traders await the next move.

Photo: Microsoft Bing