Shiba Inu (SHIB) has captured the spotlight once again, as a staggering 8,400% spike in its burn rate has significantly reduced token supply, triggering a 15% price surge in a single day. An anonymous wallet reportedly removed millions of tokens from circulation, intensifying bullish sentiment. Trading volume has also skyrocketed by 114%, signaling heightened investor interest. With its market cap now standing at $9 billion, SHIB edges closer to breaking into the top 10 cryptocurrencies, sparking speculation about whether this rally could lead to another explosive run.
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Shiba Inu’s Price Momentum and Market Confidence
SHIB continues to attract traders eager for high-reward opportunities. Open interest in SHIB futures has surged by 30%, bringing total positions above $166.74 million. This suggests growing confidence in the asset’s bullish trajectory. Meanwhile, Shibarium, Shiba Inu’s Layer-2 blockchain, has surpassed 10 million processed blocks, a sign of increasing network adoption.
Analysts draw parallels between this rally and SHIB’s historic 2021 bull run. The price chart has formed a cup-and-handle pattern, a classic indicator of an impending breakout. The cup’s peak in March 2024 at $0.00004567 now transitions into a handle formation, setting the stage for a potential price explosion. If history repeats itself, SHIB could be poised for another meteoric rise.
Supply Crunch and Technical Indicators Support Bullish Outlook
A shrinking supply naturally exerts upward pressure on price, and some market watchers predict a potential 200% rally if demand remains strong. Such a surge would push SHIB’s market cap to an estimated $27 billion. However, traders remain cautious, as the Relative Strength Index (RSI) hovers at 64, nearing the overbought zone. A short-term pullback could occur before further upward movement.
The Bollinger Bands indicate that SHIB has breached its upper band, suggesting strong momentum. The Moving Average Convergence Divergence (MACD) remains bullish, with the MACD line positioned above the signal line. Should SHIB break past the key resistance at $0.0000185, additional gains may follow swiftly.
Could a Shiba Inu ETF Be on the Horizon?
Excitement surrounding SHIB extends beyond short-term price action. Lucie, Shiba Inu’s marketing lead, recently hinted at the possibility of a Shiba Inu ETF, fueling further speculation. Notably, analyst James Seyffart has estimated a 75% chance of approval for a Dogecoin ETF, raising the question of whether SHIB could follow suit.
Also Read: Shiba Inu Burn Rate Spikes 500% – Is SHIB on Track for $0.01?
For now, Shiba Inu’s remarkable burn surge continues to drive momentum. With supply shrinking and demand on the rise, all eyes are on key resistance levels to determine whether SHIB’s rally will translate into another historic bull run.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
