As Shiba Inu continues to be one of the top meme coins based on market value, a bullish signal is popping up in the SHIB network.

According to leading market analyst Ali Martinez, an upswing might be imminent for Shiba Inu, given that a buy signal is flashing, as shown by the TD Sequential indicator.

The analyst added, “Keep an eye out, as SHIB could climb to $0.010 or potentially even reach $0.011.”

Source: Ali Martinez

Suppose this prediction sees the light of day. In that case, Shiba Inu will experience a price surge of more than 111,000%, given that the eighteenth-largest cryptocurrency was trading at $0.000009 at press time, according to CoinGecko data.

With Martinez stipulating that the TD Sequential indicator has been incredibly precise when predicting Shiba Inu’s price movements, time will tell how SHIB shapes up both in the short and long term as the meme coin continues enjoying a remarkable burn rate.

Nearly 10 Billion SHIB Tokens Burned in January

Scarcity continues to engulf the Shiba Inu ecosystem thanks to the jaw-dropping burn rate being experienced. For instance, close to 10 billion SHIB tokens were eliminated in January.

Analytics platform Shibburn highlighted, “9,937,949,070 SHIB tokens have been burned in the month of January with 269 transactions.”

Source: Shibburn

Why is the burn mechanism important in the Shiba Inu network? Well, it helps slash SHIB’s circulating supply, and scarcity is created in the process.

Therefore, depending on market forces, this is bullish because SHIB’s price is poised to surge on the foundation of rising demand.

These are some of the factors making Shiba Inu experience a heightened hodl culture. For instance, a new whale recently accumulated 140 billion SHIB tokens, as previously reported by ZyCrypto.

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Filed under: Bitcoin - @ February 2, 2024 8:24 pm