Is Shiba Inu Price Ready to Surge After 1,993% Burn Spike?
The Shiba Inu (SHIB) price has surged by 2.33%, currently trading at $0.00001011 following a significant increase in token burns. According to Shibburn data, token burns spiked by an impressive 1,993%, removing more than 10 million SHIB tokens from circulation. This sharp reduction in supply is fueling optimism and supporting the recent price momentum.
### Shiba Inu Price Forms Bullish Falling Wedge Pattern
Over the past few months, the SHIB price has developed a falling wedge pattern—a technical formation typically signaling a strong upside reversal in cryptocurrency markets. This pattern is characterized by a tightening consolidation between declining highs and steady lows, indicating that sellers are losing control.
Buyers have successfully defended a critical support zone near $0.0000097 through multiple retests, bolstered by fresh capital inflows. These developments suggest growing confidence in a potential recovery for SHIB, transitioning from consolidation into an upward trend.
Key resistance levels to watch are $0.0000111 and $0.0000129. Breaking above these barriers would likely attract new liquidity, as investors seek confirmation of a sustained trend reversal. The Money Flow Index (MFI) currently reads 68, reflecting dominant capital inflows and supporting bullish expectations.
A breakout above the wedge’s upper trendline could propel Shiba Inu’s price toward the $0.00001760 target. This structure supports anticipation of a steady rebound potentially extending through the end of the year, signaling that buyers are steadily gaining strength.
### Token Burns and ETF Filing Boost Momentum
The dramatic 1,993% surge in token burns—eliminating over 10 million SHIB—underscores an active community effort to reduce supply and bolster the token’s value. This supply contraction is widely viewed as a key factor driving future price appreciation.
Adding to the positive sentiment, investment management firm T. Rowe Price recently filed for the first U.S.-based Shiba Inu ETF. The proposed fund includes SHIB alongside major cryptocurrencies like Bitcoin, Ethereum, and Solana. This move signals increasing institutional recognition of meme coins within traditional finance circles.
The ETF aims to outperform major crypto benchmarks, potentially attracting a new wave of traditional investors into the SHIB ecosystem. This development elevates Shiba Inu from pure speculation to a more credible financial product, combining scarcity through token burns with legitimacy via institutional interest.
### Recovery Outlook and Future Targets
The Shiba Inu price recovery remains robust, with the $0.00001760 upside target clearly within reach. Buyers have maintained dominance in recent weeks, driving steady liquidity toward higher valuation levels. The surge in token burns continues to reinforce optimism across the market.
On-chain activity has increased alongside growing conviction among holders, further supporting the current upward trajectory. Market participants are closely watching whether bulls can break through key resistance zones in upcoming trading sessions.
Overall, the combination of reduced supply and growing institutional interest provides strong dual support for Shiba Inu’s sustained price recovery. With multiple defenses of crucial support levels, SHIB appears well-positioned for a prolonged rebound if current market conditions persist.
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*Stay tuned for more updates as Shiba Inu continues its journey toward recovery and potential new highs.*
https://coincentral.com/is-shiba-inu-price-ready-to-surge-after-1993-burn-spike/
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