As a seasoned crypto investor with a knack for spotting trends and a soft spot for meme coins, I find the recent surge in SHIB‘s burn rate intriguing. With millions of tokens being incinerated in 24 hours, this could indeed be a bullish signal for Shiba Inu‘s price. However, as we all know, the crypto market can be as unpredictable as a game of dice in a casino.
Over the past day, SHIB’s rate of destruction has soared dramatically, with millions upon millions of tokens being destroyed. This surge indicates a potentially positive trend for Shiba Inu’s price, which has been moving sideways recently despite other popular meme coins experiencing substantial price increases.
SHIB Burn Rate Skyrockets 3,600%
According to Shibburn data, the rate at which SHIB tokens are being destroyed has surged an astonishing 3600% over the past day, with a total of 35.6 million coins being incinerated. The majority of these burns can be traced back to just two significant transactions. In one such transaction, 15.5 million SHIB tokens were obliterated, while another 11.1 million tokens went up in flames during the same period.
Burning these tokens often indicates a positive trend for the price of Shiba Inu, as less coins being in circulation could potentially drive up its value. Additionally, it’s a significant lift for Shiba Inu, whose price has remained relatively stable despite other popular meme coins like Dogecoin and PEPE reaching new peaks during this market cycle.
Although the current crypto market activity is mild, analysts continue to be optimistic about Shiba Inu’s potential bull run. According to crypto expert Shib Spain, SHIB is currently grappling with a significant resistance zone between $0.000027 and $0.000030. However, he emphasizes that once it overcomes this barrier, the meme coin could soar back up to its record high (ATH).
According to a recent evaluation from CoinGape, there’s a potential for Shiba Inu to reach its all-time high (ATH) by January. This optimism stems from the current Bitcoin price surge, suggesting that the popular meme coin might be able to accomplish this goal. However, for Shiba Inu to maintain its positive trend, it must surpass the resistance level of $0.000030.
On-Chain Metrics Need To Pick Up
As an analyst, I’ve been monitoring the Shiba Inu market closely, and although the burn rate of SHIB seems promising, other on-chain metrics appear to be painting a bearish trend that needs to improve swiftly for the top meme coin to maintain a sustained price rally. The ‘Concentration’ and ‘Large Transactions’ metrics from IntoTheBlock suggest a current bearish outlook, which implies that crypto whales are refraining from investing in SHIB at this time.
Currently, both ‘In The Money’ and ‘Net Network Growth’ indicators are pointing towards a negative trend. The ‘In The Money’ situation is crucial because it means some current holders might start selling their Shiba Inu coins due to being underwater, which could lead to increased selling pressure on the coin’s price. On the other hand, the bearish net network growth suggests that there’s a decrease in new investors joining the SHIB ecosystem.
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2024-12-16 20:17