- SHIB breaks long-term trendline, setting stage for strong price movement.
- Over 13 million SHIB burned in 24 hours, tightening the token supply.
Shiba Inu ($SHIB) continues to attract investor attention as bullish indicators strengthen across technical and on-chain data. Crypto analyst Javon Marks reaffirmed his bullish stance on SHIB, maintaining an initial price target of $0.000081.
A technical analysis shared on X (formerly Twitter) shows that SHIB has broken above a long-term resistance trendline. Marks described this move as a key inflection point, signaling the start of a strong upward trend.
Marks originally projected a 450% price increase from SHIB’s May 24 level. However, sustained accumulation and bullish momentum have led him to revise his outlook. His updated target now stands at $0.0001553, which represents a potential 609% gain from current levels.
According to Marks, these historical chart patterns show similar breakout formations resulting in substantial rallies. He pointed to previous cycles where SHIB displayed comparable behavior, reinforcing the current setup.
Burn Rate Soars Over 12,800% as Supply Shrinks
On-chain tracker Shibburn reported a 12,833.29% spike in SHIB’s burn rate over the past 24 hours. More than 13 million tokens were permanently removed from circulation during this period. Two transactions, one burning 5 million SHIB and another removing 7.5 million, contributed to the dramatic increase.
Since the Shiba Inu burn initiative began in 2021, over 410.75 trillion tokens have been destroyed. As of now, 584.53 trillion SHIB tokens remain in circulation. Despite this aggressive reduction in supply, the price fell 2.97% in the last 24 hours and currently trades around $0.00001129.
Shiba Inu’s marketing lead, Lucie, addressed community concerns regarding scams. In a post on X, she warned against fake SHIB tokens and stressed that the official token was launched on the Ethereum blockchain. Lucie urged users to block and report suspicious accounts to help preserve the ecosystem’s integrity.
With growing momentum from both technical and fundamental factors, SHIB’s outlook remains active in the eyes of market analysts and the broader community.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
