In a pivotal move, renowned cryptocurrency analyst Ali Martinez has set the Shiba Inu (SHIB) community abuzz with anticipation following his recent price forecast. Martinez’s comprehensive analysis hinted at the potential for a significant breakout for SHIB, contingent upon the token maintaining a critical support level at $0.0000103.
Amidst Martinez’s forecast, initially proposed when SHIB held a value of $0.000011, the token soared to nearly $0.000012 before undergoing a moderate correction of more than 10%. However, SHIB resiliently clung to the pivotal $0.0000103 level, a crucial juncture highlighted by Martinez. The meme-based token trades 4% above this threshold, lending weight to the analyst’s forecasts.
Shiba Inu Spectacular Surge
Yesterday, SHIB showcased an exceptional performance, soaring by more than 20%, resulting in a notable green candlestick formation on the price chart. This upswing significantly contributed to an impressive 28% return rate for the Shiba Inu token since the start of December. Currently, SHIB is trading at $0.000010634, reflecting a 5.60% surge within the last 24 hours and a 6.70% increase over the previous 7 days.
Source: TradingView
Riding on the growing momentum and the increasing influence of Martinez’s predictions, the community is eagerly engaged in speculation, pondering whether SHIB can reach the anticipated target of $0.000014 by the conclusion of 2024.
Meanwhile, Shibburn reports a staggering amount of Shiba Inu tokens burned within 24 hours. A colossal 8,620,452,653 SHIB tokens were incinerated across six transactions the preceding day. This substantial burn contributed 8,655,012,764 SHIB tokens over the last seven days, inducing a jaw-dropping spike in the SHIB burn rate.
The daily SHIB burn rate has soared by an astounding 727,870%, according to the Shibburn website. This surge follows a substantial movement of over 8.61 billion SHIB tokens directed towards inactive wallets. The Shiba Inu team executed the second significant burn on Shibarium, transferring 8.61 billion SHIB to inactive wallets in a single move, much to the delight of the SHIB community.