Gushiken Yona
A massive price rally might be ahead for Shiba Inu as the token’s burn rate explodes by over 800% and a key technical indicator flashes a buy signal. This unprecedented surge in token destruction, combined with positive technical analysis, is igniting optimism among SHIB holders and sparking speculation of a potential price surge.
An on-chain analyst who uses the X handle @ali_charts recently noted Shiba Inu’s chart, which made him say, “Shiba Inu might be primed for a rebound as the TD Sequential indicates a buy signal on the $SHIB daily chart!” This analysis suggested that SHIB may be poised for a price rebound
The analyst also used TD Sequential, a prominent technical indicator, which he said, has generated a “buy” signal on the SHIB daily chart, hinting at a potential reversal of the current downward trend. This buy signal, interpreted by some as a prime buying opportunity, indicates that SHIB’s price, currently considered low, could be on the cusp of an upward movement. The TD Sequential is a widely used tool in technical analysis designed to predict potential shifts in market trends.
For investors, this buy signal is a key point of interest, suggesting that it might be an opportune moment to consider buying SHIB. However, it’s important to emphasize that while this indicator suggests a potential rebound, it’s not a guaranteed prediction. The cryptocurrency market is notoriously volatile, and numerous factors influence price fluctuations. Investors are urged to conduct thorough research and consider a wide range of factors before making any financial decisions.
Adding to the positive sentiment, Shiba Inu’s burn rate has soared over 800% in the past 24 hours, with a remarkable 107,081,056 SHIB tokens permanently removed from circulation. This aggressive acceleration in token burning is a key component of Shiba Inu’s deflationary strategy, designed to decrease the circulating supply and potentially increase the value of the remaining tokens. The total number of SHIB tokens burned in the last week alone has now reached a significant 368,456,226.
Shiba Inu (SHIB) showed signs of life on Sunday evening, trading at $0.00002088 as of 8:28 p.m. ET, a modest 0.89% increase in the past 24 hours. This uptick comes after a challenging period for the meme coin, which saw a 10.63% dip in the past week and a more significant 14.88% plummet over the past 30 days.
@theshibdaily This unprecedented surge in token destruction, combined with positive technical analysis, is igniting optimism among #SHIB holders and sparking speculation of a potential price surge.#ShibaInu #Cryptocurrency #cryptonews #Cryptomarket ♬ original sound – theshibdaily
Despite recent volatility, the market capitalization of SHIB experienced a slight increase of 0.91%, reaching $12,305,991,456. This growth is attributed in part to a circulating supply of 589,271,378,843,431 SHIB, according to the latest data from CoinMarketCap.
This recent uptick in price and market cap could signal a potential turning point for Shiba Inu after a period of decline. However, the cryptocurrency market remains highly volatile, and only time will tell if this positive momentum can be sustained.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
