Will Shiba Inu’s 1436% Burn Rate Surge Spark a Bullish Breakout?
The post Will Shiba Inu’s 1436% Burn Rate Surge Spark a Bullish Breakout? appeared on BitcoinEthereumNews.com.
SHIB burn rate spikes by 1436.03%, burning over 18 million tokens in 24 hours. The Shiba Inu team hints at a potential 1000% surge in the next 2-3 days. Shiba Inu ($SHIB) is showing strong momentum, with price indicators hinting at a potential rally. Over the past 24 hours, $SHIB has surged by over 4.78%, bringing the price to $0.00001789, according to CoinMarketCap data. This comes in the wake of an increased burn rate and ongoing developments in the Shiba Inu ecosystem, including Shibarium’s growing success. As the burn rate accelerates, the overall $SHIB supply continues to decrease, potentially leading to higher demand and a price surge. The SHIB burn rate has spiked by 1436.03% in the last 24 hours, with 18,439,689 SHIB tokens burned in this period. A notable recent burn transaction included 1.5 million $SHIB. As the burn rate intensifies, the circulating supply of Shiba Inu tokens decreases, creating a deflationary effect. This reduced supply is expected to drive prices upward, especially with rising interest from the SHIB community. With 589.27 trillion tokens currently in circulation, further burns could significantly impact the token’s future value. Technical Indicators Signal Bullish Momentum for SHIB Technical analysis on the SHIB/USDT trading pair further supports bullish sentiment. The chart shows that the price is steadily climbing back up after a period of consolidation. The current resistance level stands at $0.00001813, while the support level is around $0.00001715. If the resistance is breached, the next resistance level would be around $0.00001900. On the downside, if the price falls below the support, the next support would be at $0.00001650. Moving averages indicate a potential breakout, with the 9-day moving average at $0.00001743 and the 21-day moving average at $0.00001715. The 9-day moving average crossing above the 21-day moving average signals a bullish trend. This…
Filed under: News - @ October 12, 2024 4:16 pm