Shiba Inu price could double after 2.41 billion SHIB get burned

Shiba Inu price is on track to make a comeback from the recent pullback and double in the near future as the meme coin’s circulating supply shrinks further. Analysts reveal a bullish outlook on Shiba Inu price. 

Shiba Inu price set to explode as supply continues to shrink

Shiba Inu price made a comeback after posting nearly a 5% drop over the past two weeks. Proponents have identified two key reasons behind Shiba Inu’s price rally. The key reason is the recent burn of 2.41 million SHIB tokens sent to inferno wallets. 

Shiba Inu sent to dead wallets is pulled out of the circulation, contributing to a supply crisis. The community has contributed to burn events, which typically influence Shiba Inu price positively. 

The second reason for Shiba Inu’s breakout is whale accumulation. Large wallet investors on the Ethereum network have consistently scooped up Shiba Inu during the dips, increasing their SHIB holdings and diversifying their portfolio. 

An Ethereum whale recently purchased $20.4 million worth of SHIB, driving a bullish outlook among investors in the community. 

Historically, rising scarcity in the Dogecoin-killer token, Shiba Inu, and increased demand and real-world adoption have fueled a rally in its price. 

FXStreet analysts believe Shiba Inu price could double in the near future, and a unique buying opportunity has presented itself to traders. 

Analysts have set the upside target at $0.0000454 and believe the upswing could push Shiba Inu to $0.0000500 with adequate momentum. Analysts are watching out for a retest of the $0.0000211 support level to confirm the bullish prediction.