Shiba Inu (SHIB) burn rate has shot up a massive 690% in the past 24 hours as analyst Javon Marks has predicted a 550% increase in price.
By Parth Dubey
Editor Hamza Tariq
Updated
3 mins read
Over the past 24 hours, the Shiba Inu (SHIB) burn rate increased by 690%, with more than 32.3 million tokens removed from circulation. Yet, the token’s price slipped by 3.3%, reflecting the broader market’s ongoing consolidation.
In total, over 410 trillion SHIB tokens have been burned to date, shows the data from Shibburn. Token burns reduce the circulating supply of a cryptocurrency, creating potential upward pressure on price, provided demand remains consistent or increases.
In SHIB’s case, while the recent burn is significant, it hasn’t yet offset short-term bearish momentum.
According to CoinMarketCap data, Shiba Inu, the second-largest meme coin is trading at $0.00001096, facing resistance at the 20-day Exponential Moving Average (EMA), sitting around $0.00001222.
On the technical front, the daily chart shows SHIB consolidating just above its lower Bollinger Band (BB) at $0.00001066, with the middle band near $0.00001253 acting as dynamic resistance.
Shiba Inu Price | Source: Trading View
It is important to note that if SHIB can break above the 20-day EMA and reclaim the middle Bollinger Band ($0.00001253), it may aim for the upper band resistance at $0.00001441. A move above that level would signal a stronger bullish reversal.
Conversely, if SHIB fails to hold the $0.00001066 support, it could revisit lower price ranges and test psychological support at $0.00001000.
The Relative Strength Index (RSI) currently sits at 35.02, close to the oversold zone, suggesting a potential bounce or short-term reversal if buying pressure increases.
However, the RSI remains below the 50-neutral line, indicating ongoing bearish sentiment unless a breakout occurs.
Adding fuel to the bullish camp, analyst Javon Marks reaffirmed his price target of $0.000081 for SHIB, suggesting a potential upside of over 550%. He emphasized that a broader market recovery remains essential for such a rally to materialize.
$SHIB (Shiba Inu) –
Target 1: $0.000081 (Over +550% Upside) https://t.co/zHPatL78zZ pic.twitter.com/0bViIAOYns
— JAVON⚡️MARKS (@JavonTM1) April 4, 2025
Supporting this sentiment, on-chain analytics from IntoTheBlock reveal a 784% increase in large holder net flows, indicating heavy accumulation or strategic repositioning by whales.
Whale inflows have also climbed 315.4%, hinting at renewed interest from institutional players.
In a bid to boost community morale during turbulent times, Shiba Inu’s marketing lead, Lucie, urged holders to stay focused on progress. She highlighted forthcoming upgrades to Shibarium and ShibOS, positioning them as game-changers for the ecosystem.
I always preach: ignore the bad. Focus on the good, on progress, and on the things that will hold value over time.
Let’s all stay focused on the amazing upgrades ahead — we’ve got so much going on.
If people want to be malicious, let them. Life will take care of that.
We work…
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) April 5, 2025
According to Lucie, Shibarium is on track to become a top-tier platform, while ShibOS could see global adoption.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.