As a seasoned crypto investor with a knack for spotting trends and a portfolio that has weathered numerous market cycles, I must say the recent dip in Shiba Inu (SHIB) price doesn’t faze me. While it’s always disheartening to see my investments take a hit, I’ve learned to embrace these moments as opportunities rather than setbacks.
The price of Shiba Inu dipped into a downtrend, dropping more than 20% from its peak this week as the momentum of the current cryptocurrency surge started to dwindle.
On Friday, November 15th, Shiba Inu (SHIB), one of the largest meme tokens in cryptocurrency, was being exchanged at approximately 0.000024 USD. The majority of coins experienced a decline in value during this time. Meanwhile, Bitcoin (BTC) hovered just under $90,000 as the recent surge in price slowed down.
Despite recent fluctuations, indications point towards a potential recovery for SHIB prices, potentially reaching its peak of $0.00003045 this week. This is supported by data from Shibburn, which shows an increase of 115% in the Shiba Inu burn rate over the past day.
Approximately 16.1 million coins were sent to inaccessible locations, a move that has permanently removed them from circulation since the cryptocurrency’s beginning. This process, known as token burning, has resulted in a total removal of 410 trillion coins so far. Consequently, the current number of circulating tokens now stands at 583 trillion.
As a crypto investor, I’m excited about another potential factor driving up Shiba Inu prices: the significant surge in the total number of Shibarium wallets. Currently, we’ve surpassed 1.89 million addresses, and if this upward trend persists, it’s quite likely that we’ll hit the 2-million mark within the next few months!
Over the last few months, the number of transactions in Shibarium has surpassed 509 million. This is remarkable because Shibarium is the layer-2 blockchain for Shiba Inu. A portion of the BONE tokens gathered as fees are then transferred to SHIB and destroyed.
Analysts are bullish on Shiba Inu price
Cryptocurrency experts are optimistic regarding Shiba Inu’s price, with a well-known analyst called SHIB Bezos predicting that the coin is on the verge of experiencing an extraordinary growth spike (going parabolic). According to his analysis, the coin tends to have periods of extreme growth followed by consolidation, only to rebound again. He anticipates that the upcoming surge will take it to a new all-time high.
Shiba Inu (SHIB) appears to be reenacting its past patterns, and this typically indicates…
— SHIB Bezos (@BezosCrypto) November 14, 2024
The daily graph clearly strengthens the bullish argument. Recently, Shiba Inu has developed a ‘golden cross’ formation, where its 50-day and 200-day moving averages have intersected in this way. Historically, such a pattern often indicates further price increases.
Shiba Inu (SHIB) is exhibiting a cup and handle pattern, where the recent downtrend fits within the ‘handle’ portion. Historically, such patterns often precede a robust upward trend, or bullish breakout.
If the price breaks through the resistance line of the cup-shaped pattern, it’s likely that we’ll see further growth. This breakthrough could potentially take the value to its year-to-date peak of $0.000045, which is approximately 90% higher than its current level.
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2024-11-15 17:49