Shiba Inu (SHIB) burn rate increased by 37,937% with 280,097,384 tokens destroyed
SHIB trades around $0.00001334-$0.00001351 despite burn activity
Trader Mike identified key resistance at $0.00003000, labeling it the “Trend Killer”
Multiple analysts predict major breakouts with targets ranging to $0.00008869
Technical patterns suggest possible 512% price surge if Inverse Head & Shoulders pattern completes
Shiba Inu has experienced an extraordinary surge in its burn rate as millions of tokens were permanently removed from circulation. On-chain tracking service Shibburn revealed a 37,937% increase in SHIB’s burn rate over the past 24 hours.
A total of 280,097,384 SHIB tokens have been destroyed, reducing the circulating supply to 584,418,740,458,583. This massive token burn highlights the Shiba Inu team’s strategy to create scarcity and potentially drive up the value of the meme coin.
The five-digit spike in the burn rate marks a turnaround from previous weeks when burn activity had been trending negatively. This renewed burning effort comes as major cryptocurrencies show signs of potential breakouts.
Despite this aggressive token burning, SHIB’s price hasn’t responded with immediate gains. As of latest reports, Shiba Inu is trading at $0.00001334, down 1.54% over 24 hours, after reaching a high of $0.00001352 during the same period.
This price movement suggests that large token burns may not have an immediate impact on SHIB’s price. However, historical data indicates that sustained burn activities have benefited the token’s long-term performance.
Technical Analysis Points to Potential Breakout
Several analysts have turned optimistic about SHIB’s price trajectory based on technical patterns. Trader Mike, a TradingView analyst, has drawn parallels to SHIB’s explosive rally in 2021 when it soared from around $0.00000600 to $0.00008869.
He identified $0.00003000 as the “Trend Killer” resistance level that SHIB has approached but not yet broken through. After entering a position on April 9 at $0.0000167, he set price targets ranging from $0.00004529 to $0.00008869.
Another analyst, Jonathan Carter, noted that Shiba Inu has broken out of a falling wedge pattern – a setup often associated with bullish reversals. His price targets include $0.00001510, $0.00001850, $0.00002110, and possibly $0.00002460.
Inverse Head & Shoulders Pattern Forms
Analyst Javon Marks has identified an Inverse Head & Shoulders pattern forming in SHIB’s chart. This classic technical setup is widely regarded as a signal for a strong bullish breakout.
$SHIB (Shiba Inu) is still holding in what looks to be a massive Inverse Head & Shoulders pattern and as prices look to be in the final shoulder of this pattern, a surge can be looming and it could be towards our larger breakout target OVER +512% AWAY at $0.000081 … https://t.co/Hachq6l4Ktpic.twitter.com/dinK1YvZid
Marks believes that if this pattern completes as expected, SHIB could surge over 512% toward a price level of $0.000081. The price appears to be forming the final shoulder in this setup, suggesting a major rally may be imminent.
The weekly performance of SHIB shows a 7.87% gain, trading in a narrow range between $0.00001344 and $0.00001351. While these daily movements appear modest, the technical setup suggests larger price action ahead.
U.Today also reported a massive SHIB transfer involving billions of tokens to a major U.S. exchange. While this move may signal preparation to sell, it could have contributed to recent price pressure while also spurring more token burns.
The Shiba Inu community remains hopeful that the current technical patterns, combined with the token burn strategy, will lead to a price breakout in the near future.
The layered analyses from various experts in the crypto trading space paint a picture of mounting optimism. Each analyst has identified key bullish signals in SHIB’s chart patterns and price behavior through different technical approaches.
The convergence of these expert views, alongside the aggressive token burning strategy, suggests SHIB may be preparing for a significant move in the coming weeks.
SHIB’s recent price action has been mirroring aspects of its 2021 surge that saw it reach all-time highs. The current market setup, with strengthening buy signals and bullish pattern completions, has created an environment where analysts are increasingly turning positive on the meme coin’s prospects.
The token burn of 280,097,384 SHIB represents the Shiba Inu team’s continued commitment to their deflationary strategy, which aims to reduce supply and potentially increase token value over time.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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… https://t.co/Hachq6l4Kt pic.twitter.com/dinK1YvZid
MARKS (@JavonTM1) April 22, 2025