Shiba Inu burn rate jumps 8,400% as SHIB price increases by 15%, eyeing entry into the top 10 digital assets.
Shiba Inu SHIB $0.000010 24h volatility: 2.4% Market cap: $5.96 B Vol. 24h: $132.54 M saw a 15% increase in the past 24 hours, trading at $0.00001548, following an 8,000% spike in its burn rate after an anonymous wallet burned tokens. This price pump comes alongside a 114% increase in 24-hour trading volume. With a market cap of $9 billion, the meme token eyes an entry into the top 10 cryptocurrencies.
According to CoinGlass data, SHIB futures open interest has also spiked by 30%, surpassing $166.74 million, indicating strong demand among traders.
Data from ShibariumScan reveals that Shibarium’s total block count has crossed 10 million, showcasing the network’s increasing adoption.
Analysts believe SHIB is mirroring its 2021 trajectory, suggesting it could be on the brink of a parabolic rally. SHIB is forming a cup-and-handle pattern on its chart since hitting its all-time high of $0.00008854 in October 2021.
The “cup” reached completion with SHIB’s March 2024 peak at $0.00004567, while the current price action is finalizing the “handle”. This formation typically signals a potential breakout, making traders increasingly optimistic.
The recent spike in the SHIB burn rate – which reduces the circulating supply – has fueled bullish sentiment. Some market watchers anticipate a 200% rally, potentially boosting SHIB’s market cap to $27 billion.
Meanwhile, Lucie, Shiba Inu’s marketing lead, recently reiterated the ambitious target of $0.01 per SHIB. However, she added that reaching this milestone will take time.
SHIB Price Outlook
On the daily SHIB price chart, the RSI is currently hovering around 64, indicating that the meme coin is nearing the overbought zone. This suggests the price could face a temporary pullback. However, if RSI sustains the upward motion, it could signal continued bullish momentum.
Meanwhile, the price has already surpassed the upper Bollinger Band, indicating heightened volatility. The current level could trigger a sharp upward move, while a rejection may lead to short-term consolidation.
The MACD line is trending above the signal line, a classic bullish indicator. A breakout above resistance $0.0000185 could pave the way for further gains. However, traders should watch for any divergence in MACD, which could indicate waning momentum.
Interestingly, amid the ongoing optimism, Lucie recently also floated the idea of a Shiba Inu ETF. This comes as popular ETF analyst James Seyffart predicted that there is a 75% chance of an ETF approval for SHIB’s rival Dogecoin DOGE $0.19 24h volatility: 1.2% Market cap: $28.42 B Vol. 24h: $1.29 B .
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