- Shiba Inu’s burn rate surged 8,400%, reducing supply and boosting prices by 15%.
- SHIB’s trading volume increased 114%, with futures open interest rising 30% to $166.74 million.
- Analysts predict a breakout as SHIB forms a bullish cup-and-handle pattern on charts.
A massive 8,400% jump in Shiba Inu’s burn rate has slashed supply, helping the price climb 15% in a single day. An anonymous wallet removed millions of tokens, fueling bullish sentiment. Trading volume has surged by 114%, signaling strong investor interest. With a market cap now at $9 billion, Shiba Inu inches closer to the top 10 cryptocurrencies. Many traders wonder if this rally will lead to another explosive run.
Shiba Inu’s Price Surge and Market Sentiment
Shiba Inu continues to attract traders looking for high-reward opportunities. Open interest in SHIB futures has jumped by 30%, pushing total positions past $166.74 million. More traders are jumping in, expecting prices to climb even higher. Confidence in the market is clearly growing. At the same time, Shibarium, the project’s Layer-2 network, is seeing record-breaking activity. The number of processed blocks has now passed 10 million, a clear sign that more people are using the network and adoption is picking up speed.
Analysts see strong similarities between this rally and the massive surge in 2021. The price chart now displays a cup-and-handle pattern, a formation that often signals a breakout. The “cup” phase peaked in March 2024 at $0.00004567. Now, the “handle” is forming, setting the stage for a potential price explosion. If history repeats, Shiba Inu could be on the verge of another massive rally.
A shrinking supply adds to the bullish outlook. Fewer tokens in circulation create upward pressure on price. Some market watchers predict a 200% rally if demand remains strong. A move of that size would push the market cap to $27 billion. However, traders remain cautious. The Relative Strength Index (RSI) now sits around 64, approaching the overbought zone. A short-term correction may happen before any further upward movement.
What’s Next for Shiba Inu?
Shiba Inu’s price action suggests increasing volatility. The Bollinger Bands show that the price has already exceeded the upper band, a sign of strong momentum. If buying pressure continues, another breakout could follow. However, rejection at key resistance may cause a temporary pullback. The Moving Average Convergence Divergence (MACD) indicator remains bullish.
The MACD line sits above the signal line, reinforcing positive sentiment. If the price breaks past $0.0000185, further gains may come quickly. Excitement surrounding Shiba Inu goes beyond short-term price moves. The project’s marketing lead, Lucie, has floated the idea of a Shiba Inu ETF. At the same time, analyst James Seyffart estimates a 75% chance of approval for a Dogecoin ETF.
If regulators show interest in meme coins, Shiba Inu could be next in line. For now, Shiba Inu’s 8,400% burn surge has created strong momentum. Investors see a shrinking supply and growing demand as bullish signs. Technical indicators suggest volatility, but a breakout remains possible. Traders now watch for key resistance levels, hoping for another major rally.
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