Shiba Inu Burn Rate Explodes 17,930% as Analysts Cite 17X SHIB Price Rocket to $0.0002

Thanks to its community-driven movement, Shiba Inu (SHIB) continues to propel the meme coin culture.

As a result, the second-largest meme coin is eyeing a major boost with the psychological price of $0.0002 in the picture.

Market analyst Crypto Joe pointed out, “Why not a 17 X for SHIB? We’re sitting in a strong buy zone, and a big move is coming soon.”

Based on this analysis, Shiba Inu’s strong buy zone is expected to ignite high demand, which will help propel the meme coin to $0.00023.

On-chain metrics provider Alts King was of a similar opinion that Shiba Inu was contemplating a bullish run by stating, “SHIB is currently trading at $0.000014, showing notable upward momentum. Rising investor interest and increasing market activity highlight the potential for a continued rally, with a possible target of $0.000025 in the near term.”

Shiba Inu’s current price is $0.0000145, and its bullish momentum might be further ignited by Shibarium’s recent achievement of the 11 million block milestone.

Shibarium is Shiba Inu’s Layer 2 network known for its speed, scalability, and efficiency.

Shiba Inu’s Open Interest Witnesses an Uptick

SHIB’s on-chain metrics remain bullish, given that the meme coin’s open interest is up by 9.28% to hit 212.93 million, according to Coinglass data.

Therefore, this demonstrates that Shiba Inu is witnessing increased market activity and liquidity.

Furthermore, the meme coin’s burn rate has gone through the roof after recently skyrocketing by 17,930%.

This shows that Shiba Inu’s scarcity continues to explode, as well as positive investor sentiment, reduced supply pressure, and increased community activity.

Based on market action, lower supply with steady demand can lead to higher prices over time.