SHIB Burns Skyrocket 250% as Major Price Breakout Might Be on Horizon

Data shared by the Shibburn tracker reveals that the SHIB burn index has demonstrated a three-digit surge after several consecutive days of being in the red. This burn jump took place after a top executive of the Shiba Inu team stated on X that a major price breakout of SHIB might be coming soon.

Still, despite substantial growth, the amount of meme coins torched this time is far from impressive.

SHIB burns soar 250% overnight

The above-mentioned data source spread the word that, over the past 24 hours, the community has seen the daily SHIB burn rate jump by 249.37%. However, the amount of burned coins this time is less than even half a million and constitutes 432,211 SHIB in total.

The last time any substantial burns have taken place was three days ago, according to Shibburn, and it comprised 2,943,898 SHIB coins.

SHIB price might be on verge of breakout

Earlier this week, pseudonymous crypto analyst “SHIB KNIGHT” shared a chart on X, which shows that Shiba Inu has broken out of a Falling Wedge reverse pattern and began to rise. The analyst named a possible target of this breakout, saying that the meme coin could burn one zero and reach $0.00001200.

The official marketing lead of the SHIB team, known on X and other social media platforms as Lucie, commented on that post, saying that she loves that prediction and supports it. Currently, the second-largest meme cryptocurrency is changing hands at $0.00000871 after reaching $0.00000912 on Tuesday and then suddenly going back down.