Shiba Inu (SHIB) Price climbs 24% after a massive token burn

TLDR

• Shiba Inu experienced an extraordinary increase of 567.83% of tokens burns on Tuesday, removing 4.61 million tokens permanently
• The price of the token jumped 24% in a single day of negotiation, showing a strong resumption of the bottom of the beginning of February
• A large investor recently accumulated $ 444,000 of Shib during the current market increase
• The wider recovery of the cryptography market, with Bitcoin at $ 100,000, provides additional support for the Shib Élan
• The coincocex analysis company projects potential gains of 104%, targeting $ 0.000033,444

The cryptocurrency market has received notable news like The combustion mechanism of Shiba Inu tokens has reached new heights, The burning rate climbing an impressive 567.83% in a single day. This development marks a key moment for the popular digital assets when it continues its recovery in the first days of February.

According to data published by the Shibburn monitoring service on February 4 saw the permanent deletion of 4.61 million traffic shibs. These tokens were transferred to a zero address, effectively withdrawing them from the offer available forever.

The impact of this massive burning event has become immediately apparent on the market. The price of SHIB responded with a sharp increase of 24%, demonstrating the direct relationship between the reduction of the offer and the market value. This price movement represents a marked improvement in relation to the recent performance of the token.

The negotiation activity showed a particular force during this period, the SHIB reaching a daily summit of $ 0.0000,1691. The token has maintained constant support greater than 0.00001358, indicating robust interest of the buyer at these levels. Currently, SHIB is traded at $ 0.00001560, which represents a gain of 11% compared to the values ​​of the day before.

Market observers have noted increased participation in larger investors, with a whale address that acquires shib tokens worth $ 444,000 during the current increase. This substantial purchase suggests growing confidence in the perspectives of the token among well -capitalized market players.

The broader market of cryptocurrency has provided additional support for the positive impetus of Shib. Bitcoin stability around the price of $ 100,000 has created favorable conditions for alternative cryptocurrencies to flourish.

By examining historical data, Shib has shown its substantial price movement capacity under favorable market conditions. The token had previously reached a 280% increase in one month in March of last year, coinciding with the event of half Bitcoin.

The action of the November market has proven to be just as impressive, because Shib has recorded gains above 200% following major political developments. These historical cases demonstrate the potential of the token for a rapid price appreciation during the Haussier market phases.

The last burning activity adds to a month of reduction in the already impressive offer. January saw nearly a billion Salogner The tokens permanently removed from traffic, bringing the total feeding to 589.25 billions of tokens.

The technical analysis of Coincocex suggests a potential for increasing more for SHIB. Their projections indicate the possibility of a price increase of 104% during the coming week, with a target price of $ 0.00003,344. These forecasts take into account the current market conditions and historic price schemes.

Negotiation volumes have shown a particular force in significant transactions, often an indicator of institutional or high -clear individual participation on the market. This metric suggests a growing interest in sophisticated investors In Shib ‘S dynamic of the market.

The current price action of the token place it above the crucial level of support of $ 0.000015, a price that traders look closely for market management. Maintaining the position above this threshold generally indicates healthy market conditions.

The previous market cycles have demonstrated the capacity of SHIB to provide substantial yields during periods of increased burning activity. The combination of the reduction in the offer and the assessment of prices often creates a cycle of self-reinforcing the positive feeling of the market.

The January prices share saw SHIB reaching summits of $ 0.000022 before undergoing a correction at low February 0.000016. The current recovery suggests that the renewed interests of buyers at these price levels.

Recent market data indicates an increasing dynamic in the commercial activity of SHIB. Significant transaction volumes have notably increased, suggesting accumulation by larger market players during the current price recovery phase.

The current market structure, supported by an increase in burning activity and an accumulation of whales, positions SHIB for more potential gains. The token continues to maintain its upward trajectory while showing resilience at key support levels.

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