SHIB, the meme coin, has taken the attention of crypto traders and investors by storm in recent weeks. Its burn rate is increasing rapidly, and market analysts are circulating bullish price predictions. The accelerated burn rate is fueling the steepest enthusiasm among market observers. They think this will set SHIB up for a future price surge because of the decreasing supply.

Increased Token Burn Rate

Shiba Inu (SHIB) has seen a huge increase in its burn rate. In just the last 24 hours, nearly 28 million tokens have been burned from circulation! The intraday burn rate has increased from a baseline of 7% to the mind-boggling figure of 1,361%. On the whole, in the past 24 hours, the burn rate has increased by 1,300%. Burning tokens reduces the circulating supply. This decrease, all else equal, will increase the price, assuming demand remains constant or grows.

The increased demand alongside the dwindling supply of Shiba Inu (SHIB) has played a major role in the bullish market sentiment surrounding the popular meme coin. As more tokens are burned, the scarcity of the remaining tokens increases making the remaining ones potentially more valuable.

Bullish Market Sentiment

Market analysts are optimistic that Shiba Inu (SHIB) will undergo one of the most massive price surges in crypto history. ALLINCRYPTO, for instance, forecast SHIB price is set to go up on 23rd April. CoinGape and other analysts have provided predictions of their own, forecasting Shiba Inu’s price.

Noted crypto market analyst Tone Vays is the most recent high-profile figure to call for a massive price increase in Shiba Inu (SHIB). The meme coin’s optimism was fueled by technical indicators and on-chain data that pointed toward a possible breakout.

The three-month bias indicator, meanwhile, points to bulls being in control over Shiba Inu (SHIB) right now. This means that the demand from buyers is greater than the supply from sellers, which can result in additional upward price movement.

Technical Analysis and Price Target

On the weekly timeframe, SHIB is showing a falling wedge pattern — two converging trend lines that both slope down. This formation is considered by many traders to be a bullish reversal pattern, indicating that an upside breakout is forthcoming.

One SHIB price prediction sees the cryptocurrency rising as much as $0.0000141 by the end of April. This price target is derived from technical analysis and the overall sentiment in the market right now.