Shiba Inu Price Rises 15% Amid 8,000% Spike in Burn Rate
Shiba Inu (SHIB) Update
- SHIB price increased by 15% to $0.00001548.
- Burn rate spiked by 8,000% after tokens were burned from an anonymous wallet.
- Trading volume rose by 114%, with a market cap of $9 billion.
- Futures open interest increased by 30%, exceeding $166.74 million, indicating strong trader demand.
- Shibarium's total block count surpassed 10 million, reflecting growing adoption.
- Analysts suggest SHIB may replicate its 2021 performance, forming a cup-and-handle pattern on the chart.
- Potential rally could boost market cap to $27 billion, fueled by the burn rate increase.
- Lucie, Shiba Inu’s marketing lead, reiterated the long-term target of $0.01 per SHIB.
Price Outlook
- RSI at 64 indicates proximity to overbought conditions; possible temporary pullback ahead.
- Current price above upper Bollinger Band suggests high volatility and potential for sharp moves.
- MACD trending above the signal line, indicating bullish momentum; breakout above $0.0000185 could lead to further gains.
Lucie also mentioned the possibility of a Shiba Inu ETF amid predictions of a 75% chance for ETF approval for rival Dogecoin.