Shiba Inu has once again seized the spotlight, with its price experiencing a significant surge, capturing the attention of investors globally. The meme-inspired cryptocurrency, Shiba Inu (SHIB), is at the center of two captivating narratives that have sparked interest within the crypto community.
Firstly, the Shiba Inu community’s response to a Binance X post that provocatively declared everyone an NFT has stirred conversations. The recent decision by the Shiba Inu community to burn a significant amount of SHIB tokens has brought a positive vibe to the market. This decision coincides with Shiba Inu’s entry into the NFT market through SHEBoshi, and the ongoing efforts to decrease SHIB’s circulating supply by burning tokens.
As per Shibburn’s insights, the cryptocurrency market has burned 54.64 million tokens in the last 24 hours. With a total of 410.72 trillion SHIB tokens burned to date, the burn mechanism of Shiba Inu is still gaining prominence.
After a downturn that saw Shiba Inu drop 14.72% from March 11 to March 24, the cryptocurrency is on a path to recovery, having regained 10.68% of its value this week. This rebound is part of a broader upward trend, with crypto analyst Javon Marks highlighting the potential for SHIB to undergo another substantial rally. In a recent X post, Marks pointed out that SHIB’s price movement has broken free from a 16-month downward trend, setting the stage for further gains.
Marks predicts a possible 141% increase in SHIB’s price, potentially reaching the $0.000081 zone, and even a 90% rally to achieve a new all-time high of $0.0001550. This optimistic outlook is shared by several industry analysts who believe SHIB could hit the $0.0001 mark despite facing several resistance levels.
At press time, Shiba Inu is trading at $0.0000307, marking a 2.13% decrease in price over the last 24 hours and an 11.13% uptick over the past week. The cryptocurrency has seen a significant trading volume of $1.66 billion within the same 24-hour period.
As SHIB navigates recent developments, the community’s embrace of forward-thinking strategies, such as engaging in NFT projects and implementing token burns, has significantly bolstered optimism within the market. These initiatives have highlighted the meme coin’s capacity for dramatic price fluctuations and amplified its appeal to investors navigating the turbulent cryptocurrency environment.
