The broader crypto market has witnessed a massive surge in the Shiba Inu burn rate, with the metric skyrocketing by 2,296% in just one day. This remarkable surge reflects the community’s desire to decrease the overall supply of Shiba Inu and possibly induce a price increase. With Shiba Inu showing signs of a strong revival, this could spark a new bullish phase for the popular meme coin.

Shiba Inu Burn Rate Skyrockets 

The Shiba Inu burn mechanism is vital to its deflationary strategy, which aims to trigger token scarcity by permanently removing SHIB tokens from circulation. According to new data from the  Shibburn, a burn portal specifically for the SHIB ecosystem, burn rates have increased by a whopping 2,050.95% in the last 24 hours. 

This massive surge in the Shiba Inu burn rate has resulted in 1.28 billion SHIB tokens being permanently removed from circulation. Such a significant increase in token burns is often linked to the community, as members of the Shiba Inu ecosystem have constantly advocated for larger token burns. 

Following Shibburn’s burn update on X (formerly Twitter), it can be seen that millions of tokens are being sent to dead wallets every hour. This surge in burn rate marks a significant milestone in the SHIB community’s efforts to reduce supply and potentially boost the value of the meme coin.  

Among the most significant contributors to this recent spike in SHIB burn rate is Shibtoshi, the founder of SquidGrow, a utility meme coin. Lola, a popular Shiba Inu community member, revealed on X that Shibtoshi had burned over 1 billion SHIB tokens, valued at $25,633. This substantial token burn shows SHIB supporters’ strong commitment to the meme coin.

While a spike in SHIB’s burn rate may not immediately trigger a price increase, it can influence the market’s sentiment and induce scarcity, which is important for the sustainability of the ecosystem and for the long-term growth of the meme-based token. 

Are Bulls Ready To Take Charge?

With the increase in the Shiba Inu burn rate, it appears that bulls are ready to retake charge, potentially triggering a bullish trend reversal for the meme coin. 

At the time of writing, the price of SHIB is $0.000025, reflecting a 3.38% surge over the past week, according to CoinMarketCap. The popular meme coin experienced a major bull rally earlier this month, recording double-digit gains as it trailed the Dogecoin price surge.

Factors like broader market sentiment, post-election crypto rally, and the increased demand for meme coins have pushed the Shiba Inu price upwards. Moreover, as SHIB burn activity rises, this could serve as another bullish catalyst for the meme coin. 

Adding to the optimism, analysts like ‘Shib Spain’ on X have forecasted a significant price breakout for SHIB. He shared a price chart suggesting that if the meme coin can break out of its current triangle pattern, it could potentially reach a price high of $0.000038. 

Featured image created with Dall.E, chart from Tradingview.com

The XRP price is enjoying bullish momentum as the crypto flipped BNB to become the fifth-largest crypto by market cap. Amid this development, crypto analyst Dark Defender has provided insights into what price levels the crypto could reach next as part of this bullish continuation.

XRP Price To Reach $3.4 Next As It Eyes ATH

In an X post, crypto analyst Dark Defender predicted that the XRP price could reach $3.4176 next as it targets its current all-time high (ATH) of $3.84. This came as the analyst noted that XRP broke one of the critical resistances at $1.44 and successfully retested $1.63 following that breakout.

With that successful retest, Dark Defender said that XRP could touch one of the main Fibonacci levels, which is $1.88. The analyst went on to list $3.41 as a new target that market participants should keep an eye on as the crypto could rally to that level once it reaches this Fib level.

Based on the analyst’s accompanying chart, this XRP price rally to $3.41 could happen sometime in December. Meanwhile, the crypto could also break its current ATH next month as Dark Defender reaffirmed that $5.85 is one of the targets to keep an eye on for XRP.

Interstingly, the crypto analyst doesn’t expect the XRP rally to stop there, as he highlighted $11.3 as a new target for the crypto in this bull run. Based on Dark Defender’s prediction, $11 is still unlikely to be the market top. He recently predicted that XRP could hit $18 sometime next year, using the Elliot Wave theory.

Meanwhile, the crypto analyst mentioned $1.44, $1.28, $1.14, and $1.03 as new support levels, which the crypto needs to hold above to enjoy these parabolic rallies. XRP is riding a bullish wave as it flipped the BNB to become the fifth-largest crypto by market cap.

Is Solana The Next?

In another X post, Dark Defender suggested that XRP could flip Solana next as the XRP price rallies further. The Solana price is currently trading at around $244, with a market cap of $115 billion. Meanwhile, XRP boasts a market cap of $96 billion.

An XRP price rally to $3.4 would give it a market cap of $193 billion and could see the crypto flip Solana. However, that will also depend on how high SOL rises during this period. Crypto analyst CrediBULL Crypto has even provided a more bullish outlook for XRP, stating that the crypto wants its ‘top 3’ spot back.

This means that XRP could flip Solana and Tether to become the third-largest crypto by market cap, behind the top 2 cryptos, Bitcoin and Ethereum. It is worth mentioning that XRP was once above Ethereum before the Ripple SEC lawsuit began in 2020.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.