Recent developments, including a 128 million SHIB burn, have sparked optimism for a potential Shiba Inu (SHIB) breakout. Strong technical indicators also suggest a possible 300% price surge.
SHIB Burn Mechanism and Price Outlook
The recent burn of 128 million SHIB tokens has reduced the supply, fueling hopes of a price increase. Despite broader market volatility, SHIB's ongoing burns have contributed to a positive market sentiment, with strong technical support suggesting the potential for significant gains.
SHIB Price Performance
Shiba Inu has underperformed recently, with its price down 2.5% to $0.00001522 as per Coinpedia Market data, and losses of 24% over the past month. However, the surge in burn activity has reignited optimism. The burn mechanism, which permanently removes tokens from circulation, is expected to support Shiba Inu Price in the long term.
SHIB Burn Total
To date, 410.72 trillion SHIB tokens have been burnt, reducing the circulating supply to 584.30 trillion. In February alone, 180.59 million tokens were removed, continuing the trend of supply reduction that has fueled investor optimism.
Potential for a 300% Breakout
Analysis suggests SHIB could surge by 300%, driven by rising whale activity and favorable on-chain metrics. The MVRV ratio, which aligns with past price increases, supports this outlook, but caution is advised as past trends don’t guarantee future results.
Technical Indicators and Trend Reversal
SHIB seems to be forming an inverse head-and-shoulders pattern, indicating a potential trend reversal. If SHIB can break the key resistance level of $0.0000326, a breakout to 300% gains could be possible.
With ongoing burns, positive sentiment, and promising technical indicators, Shiba Inu’s potential for a breakout looks strong. While past performance isn’t a guarantee, the possibility of a 300% price increase is within reach.
