As a seasoned crypto investor with a keen interest in meme coins, I’ve kept a close eye on the recent developments surrounding the Shiba Inu coin. The past few weeks have been an intriguing rollercoaster ride for SHIB investors, with the coin experiencing significant price swings amidst the broader market downturn.
Lately, the Shiba Inu coin, which features a dog theme, has attracted attention from investors due to its connection to meme coins. However, with the recent downturn trending in the crypto market as a whole, there has been a noticeable decline in the value of meme coins as well. Nevertheless, several possible factors could lead to an increase in Shiba Inu’s price in the near future.
3 Reasons To Trigger Shiba Inu Price Rally
As a financial analyst, I’ve noticed the recent decline in SHIB‘s price. However, it’s important to consider potential factors that could lead to a price increase for this meme coin. Here are some possibilities:
Technical Analysis
As a crypto investor closely following the market trends, I’ve noticed some positive signs in the technical indicators that suggest a possible price rebound for SHIB. Notably, renowned crypto analyst Ali Martinez recently shared his analysis, indicating potential bullish momentum for the Shiba Inu coin in the near future.
As a researcher, I’ve come across Ali Martinez’s latest insight on X where he interprets the Technical Analysis (TA) of Shiba Inu coin using the TD Sequential chart. He expresses his belief that this cryptocurrency is poised for a favorable trend in the approaching days based on the chart’s findings. Furthermore, Ali points out that the daily chart of SHIB has displayed a “buy signal.”
This examination has boosted investors’ faith in the market and initiated debates about a possible price increase for SHIB.
Shiba Inu Coin Burn Rate Frenzy
Over the last several days, the Shiba Inu token’s burn rate has noticeably risen, eliminating a substantial quantity of SHIB from circulation. Generally speaking, this burning action is regarded as a favorable development since it reduces the total supply. Consequently, such reduction often triggers a rise in the cryptocurrency’s value.
In the past day, the SHIB token burn rate saw a significant decrease of 62.5%, with only 39.87 million tokens burned. Nevertheless, the weekly burn rate experienced an impressive surge of 667.17%, amounting to 398.53 million tokens burnt. This suggests that the growing involvement of the SHIB community is contributing substantially to reducing the total circulating supply.
I have analyzed the current data, and as of now, the entire supply of SHIB in circulation amounts to 583.18 trillion tokens. Notably, approximately 410.72 trillion SHIB tokens have been burned since their initial issuance.
Reduced Supply In Exchange Wallets
According to a recent analysis by Santiment, an on-chain analytics firm, there has been a noticeable decrease in the availability of Shiba Inu, Chainlink, and Ethereum coins from the top ten exchange wallets. Specifically, SHIB‘s supply shrank by 2.4%, while LINK and Ether experienced declines of 2.9% and 8.9%, respectively.
The reduction in cryptocurrency exchange reserves typically indicates a bullish trend. Given this situation and the strong burn rate, market analysts predict a possible price increase for SHIB.
SHIB Price & Performance
In spite of promising signs, Shiba Inu’s price dipped 4.69% to reach $0.00002077, while trading volume surged by 42% to a total of $476.37 million over the last 24 hours. Yesterday, the top meme coin reached a peak of $0.00002076 and hit a low of $0.00001965, illustrating the unstable nature of the cryptocurrency market.
As a crypto investor, I’ve observed that the open interest for Shiba Inu took a hit, decreasing by 8.90% to reach $75.5 million according to CoinGlass data. Additionally, the relative strength index (RSI) for SHIB hovered around 36, suggesting that there has been more selling activity than buying pressure in the market, which could be contributing to its downward trend.
It’s important to keep in mind that price drops can lead to lower RSIs, creating opportunities for investors to purchase assets at reduced costs, which could ultimately drive up prices.
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2024-06-15 14:52