SHIB sees the surge as $1.7B worth of tokens burned to limit supply.

Consistent SHIB price movements suggest it’s no longer a meme currency.

The golden cross signal on the SHIB/USD chart provides a bullish buy signal.

Over the last day, an incredible $1,695,572,371 ($17,000) of SHIB has been burned to limit the circulating supply and boost its value. This action reduced the circulating supply of SHIB significantly, causing its value to skyrocket. 

As a consequence of this move, bulls have dominated the SHIB market over the past 24 hours. Boosting prices from an intra-day low of $0.000009848 to a 24-hour high of $0.00001003. Bull power was still in effect at press time, causing a 1.10% surge to $0.00001001.

Although approximately $3,978,227,706 tokens have been burnt in the previous seven days. The SHIB price has been reasonably constant, fluctuating between a 7-day high and low of $0.00001036 and $0.000009809, respectively. This consistency shows that SHIB is no longer a meme currency but is following more significant crypto market movements.

During the bull run, market capitalization and 24-hour trading volume increased by 1.06% and 57.12%, respectively, to $5,897,207,439 and $136,225,915. The token burning, which was well-received by investors who perceived it as a commitment from the team to raise the value of their investment, is to blame for this spike. 

SHIB/USD Technical Analysis

The 5-day moving average has crossed over the 100-day moving average from below on the SHIBUSD 1-hour price chart, providing a golden cross signal. The 5-day and 100-day moving averages touch $0.00001001 and $0.00000998, respectively, to indicate this bullish signal.

This golden cross signal is a bullish indication indicating that the price of SHIBUSD may rise. Traders and investors may perceive this as a buy signal and seek to join or expand long positions. 

The Relative Strength Index score of 60.18 indicates that the bullish momentum has the potential to increase since it has not yet hit the overbought threshold of “80.” This rise raises traders’ anticipation of a continuation of the bull market, supporting the buy signal provided by the golden cross.

In conclusion, SHIB’s recent token burning has caused a surge in prices and increased market capitalization. Its stability in the face of significant token burning demonstrates its growth beyond a meme currency.

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Filed under: Bitcoin - @ May 6, 2023 5:36 am