As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I must admit that the recent dip in Shiba Inu (SHIB) price has caught my attention. Having witnessed the coin’s meteoric rise earlier this year, it’s not unusual to see temporary corrections like this one.
The cost of Shiba Inu, similar to other digital currencies, experienced a sharp drop as the ongoing surge paused and the rate at which tokens were destroyed slowed down.
The well-known meme cryptocurrency, Shiba Inu (SHIB), experienced a decrease and currently stands at $0.000024, marking a drop of approximately 21% from its peak this month.
According to Shiburn’s data, the rate at which the coin was being destroyed decreased by 30% on November 26, reaching approximately 3.4 million. As a result, the total number of coins that have been burned now stands at around 410 trillion. This downward trend in burn rate is anticipated to persist for several years ahead.
As an analyst, I’ve observed that burns of Shiba Inu tokens take place through multiple channels, such as transactions on Shibarium and ShibaSwap. Upon checking Shibarium Scan, it appears that the network has executed over 561 transactions so far, with the number of addresses within the ecosystem expanding to approximately 1.93 million.
On the Shibarium layer-2 platform, transaction numbers have risen, yet surprisingly, daily fees have dropped. On November 25, the fee amounted to 714 BONE, which equates to approximately $342. A portion of these tokens was exchanged into SHIB and then destroyed (burned).
On the Shibarium-based ShibaSwap decentralized trading platform, a grand total of approximately $23.2 million in assets is currently being managed. Data from DeFi Llama indicates roughly 40 active addresses over the last day, generating annualized fees amounting to around $2.4 million.
The drop in Shiba Inu’s price may be attributed to whales cashing out their profits following the recent surge, as indicated by the data. On November 26 alone, the largest whale transaction amounted to approximately $4.8 million worth of coins, while two other significant whales sold tokens totaling around $2.2 million and $1.8 million each.
Shiba Inu price could still hit its YTD high
Based on technical analysis, the signs point towards a potential increase of approximately 90% in the Shiba Inu (SHIB) coin’s value, which could potentially bring it back to its highest point this year, around $0.000045.
On the daily chart, the digital currency has developed a cup and handle structure, which is usually seen as a positive sign. The peak of this pattern lies around $0.000029. If we take into account the depth of the cup, predictions suggest that the currency could potentially increase to $0.000046, representing an approximate 94% rise from its current value.
The Shiba Inu is showing signs of a bullish pennant formation, which is marked by a straight line and an equilateral triangle shape. Normally, once the triangle reaches its convergence point, it signals a strong upward trend or breakout.
Furthermore, Shiba Inu has recently displayed a golden cross formation, where the 200-day and 50-day moving averages converge. This technical pattern indicates that the positive momentum is still strong, potentially leading to another attempt at reaching its highest point this year.
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2024-11-26 17:56