As a seasoned analyst with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs, bull runs, and bear markets. The recent dip in Shiba Inu (SHIB) price, while concerning to some, doesn’t faze me as much.
On Monday, December 9th, the cost of Shiba Inu took a significant dip, following a retreat of Bitcoin and other digital currencies.
Shiba Inu (SHIB) fell approximately 7% to a low of $0.000030, significantly below its highest point this month at $0.000033. Notably, other well-known meme coins also saw decreases, with Popcat (POPCAT), Peanut the Squirrel, and Dogwifhat (WIF) showing the most decline.
The decrease in Shiba Inu’s withdrawal occurred concurrently with a substantial fall in its coin burn rate. As per ShibBurn data, the burn rate dropped by approximately 90% to around 413,412 SHIB tokens. This steep drop followed a wallet that burned 250 million SHIB coins in a single transaction on Friday.
Since its creation, Shiba Inu has incinerated approximately 410 trillion SHIB tokens, with a total of 589 trillion tokens now in circulation. This ongoing process of token destruction could potentially increase the value of the remaining coins over time.
Currently, the data from Shiba Inu’s system shows encouraging growth. Since its launch, Shibarium, a layer-2 network, has handled over 623 million transactions. It has also reached a significant milestone by accommodating more than 2 million unique addresses. Additionally, the number of BONE tokens transferred has almost hit the 2 million mark as well.
In its ecosystem, ShibaSwap – a decentralized exchange – has successfully secured a total worth of approximately $28 million. Not only that, but there’s been an uptick in network transactions, leading to annualized fees exceeding $3.2 million.
Shiba Inu price rally has more room to run
The daily graph indicates that SHIB’s price dropped following a rise to the notable barrier at approximately $0.00003280, which was its peak since March 28.
The graph of Shiba Inu’s price shows a ‘golden cross’ formation, where the 200-day and 50-day average prices have intersected. Additionally, it seems that the coin is developing a ‘cup and handle’ pattern, with an approximate depth of about 67%.
To reach the goal of $0.00005478, the coin needs to increase by approximately 67% from its current value of $0.00003280. This would require it to go beyond its year-to-date high of $0.000045, which indicates a potential move towards this target.
If Shiba Inu’s (SHIB) price falls beneath its 50-week moving average, which is currently at $0.000026, it could mean that the optimistic perspective we have isn’t accurate anymore.
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2024-12-09 19:32