By Nermeen Nabil Khear 
TLDR
- Shiba Inu’s burn rate experienced a dramatic 567.83% increase in 24 hours, with 4.61 million coins permanently removed from circulation, reducing total supply to 589.25 trillion tokens
- SHIB price surged by approximately 24% on Tuesday, recovering from a previous 30% decline in early February
- A mysterious whale investor recently purchased $444,000 worth of SHIB tokens during the current rally
- The token’s price movement coincides with Bitcoin holding steady at $100,000, suggesting potential for continued upward momentum
- CoinCodex predicts a possible 104% price increase for SHIB this week, with a target of $0.00003344
The popular cryptocurrency Shiba Inu (SHIB) has recorded a remarkable upturn in its burn rate, reaching 567.83% over the past 24 hours. This surge coincides with a broader market recovery and renewed investor interest in the meme coin sector.
Data from the tracking platform Shibburn reveals that 4.61 million SHIB tokens were permanently removed from circulation on February 4. These tokens were sent to a null address, making their retrieval impossible and effectively reducing the total supply forever.
HOURLY SHIB UPDATE$SHIB Price: $0.00001619 (1hr -0.15% ▼ | 24hr 23.62% ▲ )
Market Cap: $9,538,053,730 (23.60% ▲)
Total Supply: 589,255,663,205,393TOKENS BURNT
Past 24Hrs: 4,618,788 (567.83% ▲)
Past 7 Days: 1,163,645,543 (3829.29% ▲)— Shibburn (@shibburn) February 4, 2025
The latest burn contributes to an ongoing trend of supply reduction, with nearly 1 billion coins removed in the previous month alone. The current circulating supply has decreased to 589.25 trillion tokens, marking a steady decline in available SHIB tokens.
The price impact of these burns has been notable, with SHIB experiencing a 24% increase on Tuesday. This recovery comes after a period of decline where the token had lost approximately 30% of its value, dropping from $0.000022 in January to $0.000016 in early February.
Adding to the bullish momentum, a large wallet holder, commonly known as a “whale” in crypto terminology, has acquired SHIB tokens worth $444,000 during the current rally. This substantial purchase suggests growing confidence among larger investors in the token’s potential.
The broader cryptocurrency market has shown strong recovery signals, with Bitcoin maintaining its position around the $100,000 mark. This stability in the leading cryptocurrency has historically provided support for alternative coins, including SHIB.
Trading data shows SHIB reaching an intraday high of $0.00001691, with a low of $0.00001358. The token’s current trading price of $0.00001560 represents an 11% increase over the previous day’s values.
Market analysts at CoinCodex have provided an optimistic outlook for SHIB’s short-term performance. Their technical analysis suggests the possibility of a 104% price increase this week, with a potential target of $0.00003344.
The token’s trading volume has seen substantial growth, particularly in large transactions. This increase in high-value trades often indicates institutional or wealthy individual investor participation in the market.
Historical data shows SHIB’s capacity for rapid price appreciation during bull runs. In March of last year, the token recorded a 280% increase within a month, coinciding with the Bitcoin halving event.
November last year saw another notable surge, with SHIB gaining more than 200% following political developments in the United States. These previous instances demonstrate the token’s potential for quick price movements.
The combination of increased burning activity and rising prices has created positive market sentiment among SHIB holders. The token burn mechanism continues to play a crucial role in the project’s tokenomics by consistently reducing the available supply.
Trading indicators suggest $0.000015 serves as a key support level for SHIB. The token has managed to maintain its position above this threshold, potentially setting the stage for further upward movement.
Current market conditions, including the sustained burn rate and whale accumulation, have positioned SHIB at a crucial juncture. The token’s price action shows resilience above established support levels while maintaining steady upward momentum.
Price data from February 4 shows SHIB trading at $0.00001624, marking a recovery from recent lows while showing potential for additional gains based on current market metrics and trading patterns.
The post Shiba Inu (SHIB) Price: Surges 24% as Burn Rate Hits New Heights in February appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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