Shiba Inu price prepares a big move as burn rate surges 940%

by

As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the current state of Shiba Inu (SHIB). The token burn acceleration, coupled with the crypto fear and greed index remaining in the extreme greed zone, paints a bullish picture for SHIB.

The price of Shiba Inu looks set for a significant surge upward, as its token destruction rate speeds up, the Crypto Fear & Greed Index stays within the optimistic region, and a positive chart formation emerges.

On November 19th, the meme cryptocurrency Shiba Inu (SHIB), ranked second largest, was traded at approximately 0.000026 USD. This was slightly above its previous low on Friday, which was 0.0000246 USD. Interestingly, it has surged by a noteworthy 142% from its lowest point in August.

On Tuesday, a significant increase in Shiba Inu token burns was observed according to Shiburn’s data, with a nearly 940% spike leading to the burning of approximately 3.69 million tokens. This substantial burn raised the total number of burned SHIB tokens above 410 trillion, while the circulating supply remained at roughly 583.7 trillion tokens.

The process of burning Shiba Inu’s tokens involves transferring them to a wallet that doesn’t require a key, thereby making these tokens unavailable for use in the market. Tokens are sourced from networks within its ecosystem such as Shibarium and ShibaSwap, along with contributions voluntarily made by members of the community.

The Shiba Inu cryptocurrency is bouncing back too, given that the Cryptocurrency Fear and Greed Index remains high at 83, indicating extreme greed among investors. Typically, altcoins tend to thrive when there’s a strong feeling of greed in the crypto market.

As a researcher delving into the world of meme coins, it’s fascinating to witness how this trend has been fueling growth in similar digital assets. This collective surge has catapulted the total market capitalization of the meme coin sector to an astounding $128 billion. Remarkably, this valuation eclipses that of established corporations like Lockheed Martin, Palo Alto Networks, ADP, and Airbus, underscoring the growing influence and potential of these meme-based investments in today’s market landscape.

Shiba Inu price has formed a bullish pattern

As a researcher, I am confidently optimistic about the future of Shiba Inu. On the daily chart, it’s exhibiting a strongly bullish pattern – a cup and handle formation. This pattern is recognized by its rounded bottom followed by a retracement or consolidation close to the top, suggesting potential for significant upward movement in the price.

As a researcher studying this particular coin, I’m observing its development and have noticed it’s in the midst of shaping the handle section. A potential break above the upper edge of the cup at approximately $0.00002933 might suggest further growth, with the next objective being to reach the year-to-date high of $0.000045—representing a significant increase of 76% over its current level.

As a crypto investor, I’m keeping a close eye on Shiba Inu. Right now, it’s hovering above its 50-day moving average, which is a positive sign. Moreover, the Market Value to Realized Value (MVRV) ratio has surged above 3, suggesting potential growth. However, I must be cautious as a dip below the crucial support level at $0.000020 could potentially shift the bullish perspective.

Read More

2024-11-19 17:28