Shiba Inu Burn Rate Soars 48,327%, Fueling Price Rally Hopes

Shiba Inu's burn rate has surged 48,327%, increasing expectations of a price rally. Reducing token supply aims to boost value, but demand remains crucial. With millions of SHIB coins burned, traders are optimistic about a breakout that could push the price toward $0.00001400. However, resistance levels and market sentiment will determine the next move.

Drivers of the Surge

Whale activity and community-led initiatives are driving the burn surge. Large investors are accumulating SHIB while contributing to the burn effort. Historically, burns have led to short-term price gains, but sustained rallies depend on factors like increased trading volume and broader market sentiment.

Price Prediction: Rally or Stall?

On March 16, SHIB surged to $0.00001317 but dropped to $0.00001256 after a MACD Death Cross. A golden cross later pushed the price to $0.00001383 before another death cross led to a decline.

As of March 17, SHIB tried to recover but faced overbought conditions. If it breaks below $0.00001256 support, further declines are possible. If buyers regain control, SHIB could break above $0.00001368 and approach $0.00001400.

What’s Next for Shiba Inu?

The burn rate surge has sparked optimism, but SHIB needs to break resistance levels and maintain momentum to sustain price growth. If bullish sentiment holds, SHIB could target $0.00001400. If not, further declines are possible, and traders are watching closely.
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