🔥 SHIB BURNS LIKE A FIERY HOUND! 🐶💰

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Oh, how the flames dance! The SHIB burn rate has skyrocketed to 18 million in the last 48 hours as the Shiba Inu price sits comfortably, sipping tea. 🍵✨ Over 12 million tokens were thrown into the fiery abyss on Tuesday and another 5.3 million on Wednesday. So, will this inferno of burning boost the SHIB coin price? Let’s find out, shall we? 🕵️‍♂️🔮

Shiba Inu Price: The Calm Before the Storm? 🌀💰

The Shiba Inu price has taken a breather this week after plummeting to a multi-month low of $0.00001175 on Monday. This stability mirrors the actions of other coins, which have mostly recovered after Donald Trump decided to hit the pause button on tariffs against Mexican and Canadian goods. 🇲🇽🇨🇦💰

One cannot ignore the likelihood that more SHIB coins have been tossed into the flames through its burning process. Data reveals that one user moved over 12.63 million coins to the Burn Address B-2, which now holds over 45.5 billion SHIB coins. Another address followed suit, sending 5 million coins to the same fiery grave. 🔥💸

Shiba Inu’s burn rate continues to grow, consuming over 410 trillion tokens from circulation and enhancing its tokenomics. These fiery sacrifices have reduced the number of tokens in circulation to approximately 589 trillion. 🔥🚀

Traders Await the Next SHIB Spark ⚡💰

Although the Shiba Inu price has seen a slight uptick from its lowest level this month, its price has remained relatively stagnant, mirroring the behavior of other coins. Two potential bullish catalysts to keep an eye on are the possibility of a US-China tariff truce and the upcoming US nonfarm payroll (NFP) data. 📈🤝💰

A tariff ceasefire could ignite a rally in stocks, driving other assets like cryptocurrencies higher this week. Trump’s pause on Mexico and Canada tariffs serves as a prime example. Friday’s NFP report will also be a catalyst due to its potential influence on the Federal Reserve. The value of SHIB soars when the Fed adopts a dovish stance. 🦅💰

Shiba Inu Price Technical Analysis: The Great Escape? 📈💰

The weekly chart reveals that the Shiba Inu price has taken a nosedive after reaching its peak at $0.00003328 in November. It dipped below the 50-week moving average and found solace at the crucial support level at $0.00001173 on Monday. This price was significant as it hovered just above the ascending trendline connecting the lowest swings since June 2023. It was also close to its lowest swing in September last year. 📉📉📉

To confirm the formation of a hammer candlestick pattern, SHIB price needs to close the week above the pivotal point at $0.000015. A hammer candlestick has a long lower shadow and a small body, often signaling a bullish reversal. The coin is poised to surge towards the 50-week moving average at $0.00001915, a staggering 18% above the current level. 🚀💰

However, should the coin crash below the ascending trendline, the bullish SHIB price forecast will crumble like a house of cards. Such a move would suggest further downward pressure towards the psychological level at $0.000010. 💩📉💰

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2025-02-05 17:08