As an experienced financial analyst, I believe that Shiba Inu (SHIB) has the potential to break through the $0.00003 price level this week based on three key factors: the burn rate, retail sentiment, and whale activities. The burn rate is a crucial indicator of community faith in the project, as it represents the number of SHIB tokens being destroyed through transactions that include a tax. While the recent 24-hour burn rate was relatively low at 1,825,285 SHIB, this small amount can still have a significant impact on the market sentiment.
U.Today presents the top three news stories over the past day.
3 key things to expect from Shiba Inu (SHIB) this week
Recently, Shiba Inu experienced a minor bounce back after a concerning dip during the weekend, according to CoinMarketCap’s data. At present, the meme coin is up by 0.96% over the last 24 hours and is priced at $0.00002594. The primary ambition of Shiba Inu investors lies in surpassing the $0.00003 price point. Here are three potential factors that could contribute to reaching this target:
Ethereum (ETH) rally imminent? Analyst predicts new all-time high
I’ve been closely following Ethereum’s price action as of late, and according to well-known crypto analyst Jelle’s recent analysis in his X post, Ethereum is showing strong indicators of an upcoming rally. He noted that ETH broke free from the falling wedge pattern and reversed key resistance areas into support. Currently, Ethereum is trading at around $3,900, down 0.56% over the last 24 hours.
Crucial DOGE-Tesla reminder issued by insider
Following numerous instances of scams related to Tesla and cryptocurrency, @cb_doge X user, identified as “DogeDesigner,” used social media to clarify that only Dogecoin is valid for transactions at Tesla. DogeDesigners’ announcement was met with enthusiasm by the crypto community, who expressed their hope of eventually being able to purchase not just Tesla merchandise but also electric vehicles and additional items using DOGE. It’s important to note that since January 2022, Tesla has allowed customers to use Dogecoin as an experimental payment method for its online store merchandise. SpaceX joined in a few months later, also accepting DOGE for their goods. In May of this year, Dogecoin was officially integrated into Tesla’s website as a legitimate payment option.
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2024-05-28 19:12