Recently, the cryptocurrency market has witnessed an unexpected phenomenon – the Shiba Inu surge. Known as the ‘Doge killer’, Shiba Inu (SHIB) has been on an impressive trajectory, thanks to the eagerly awaited launch of Shibarium. Despite the turbulence in the meme coin market, SHIB has managed to captivate traders by promising enticing returns.
Shiba Inu’s Bullish Indicators
As the week winds down, numerous altcoins are devising strategies to recover from their week-long losses. Among these, Shiba Inu has made a mark by reaching the significant $0.00001 milestone. According to data from Arkham Intelligence, crypto whales have been busy moving billions of SHIB tokens between various crypto trading platforms in the past few hours. Six substantial transactions, each involving a minimum of one billion SHIB, were identified, with the largest transaction involving a staggering 10 billion tokens. This activity has contributed significantly to the recent bullish trend in the SHIB price chart.
Shiba Inu Burn Rate and Accumulation
Recent data from the Shibburn explorer indicates that 70 billion SHIB tokens have been transferred to inaccessible wallets in the last 24 hours, effectively taking them out of circulation permanently. This action has resulted in a slight increase in the SHIB burn rate, which now stands at 12.8%, up from the previous day. Furthermore, data from Into The Block shows that the average balance held by addresses has seen a noticeable increase over the past three days, jumping from $6,959 to $7,728 as of 10 August. This trend suggests an increase in SHIB accumulation, potentially in anticipation of an upcoming bull run.
Forecast for SHIB Price
The SHIB price recently bounced back from the ascending channel’s support line at $0.0000094, indicating that buyers are still active during minor downward corrections. At the time of writing, the SHIB price is trading at $0.00001023, marking a 3.1% surge in the last 24 hours. Buyers have pushed the price well above the 20-day EMA, setting the stage for a potential surge to $0.00001. This level could pose a significant challenge to SHIB’s price as sellers are prepared to open short positions. However, if the bulls manage to maintain the price in this region, we might see another potential surge above $0.0000105, which could propel the price towards $0.000012.
However, this bullish outlook could be short-lived if the price falls from its current position or faces resistance and drops below the channel. The RSI indicator has entered the overbought region, signaling a potential downward correction. This scenario could push the price down to $0.0000087, a critical level to monitor. If this level fails, the price might drop to $0.000008.
For those interested in tracking the performance of Shiba Inu and other cryptocurrencies, the cryptoview.io application offers a comprehensive platform. It allows users to monitor market trends, making it easier to stay updated on the latest developments.
