Famous for its cryptocurrency market hype and viral community support, Shiba Inu (SHIB) remains one of the most notable meme coins in the crypto space.
As a result, market analyst Tektonic believes that SHIB is poised for an 18% rally as its burn rate surges.
The market analyst pointed out, “Shiba Inu is currently holding a bullish technical structure, signaling the potential for an 18% price rally. The sharp spike in the SHIB burn rate—up over 12,000%— reflects growing supply reduction pressure, which could act as a catalyst for upward price movement. All eyes are now on whether this momentum will trigger a breakout.”
At the time of writing, SHIB was trading at the $0.00001179 zone.
Therefore, the $0.0000119 level should be given a watchful eye because it might trigger the next leg up for Shiba Inu.
Crypto enthusiast Degen Profit acknowledged, “SHIB price could see a 24% rally if it breaks the $0.0000119 resistance at the upper trendline of its falling wedge pattern, a bullish signal suggesting weakening bearish control. A successful breakout might push SHIB toward $0.0000148, or even $0.0000177 in a stronger rally.”
Given that SHIB’s burn rate has been skyrocketing to the tune of 12,833%, the meme coin’s total supply has been diminishing.
In line with basic supply-demand economics, lower supply with steady or rising demand typically drives prices higher.
Therefore, this paints a bullish Shiba Inu picture, given that 410 trillion SHIB tokens were recently permanently removed from circulation, shrinking the meme coin’s total supply by 41%.
