Shiba Inu Marks Fifth Anniversary with 2,200% Increase in Burn Rate
Shiba Inu (#SHIB) is approaching its fifth anniversary, with indications of a possible bullish reversal and a potential 70% price increase. Currently, SHIB trades at $0.00001204, down nearly 8% in the past day.
Key Developments
- SHIB burn rate increased by over 2,200% in the last 24 hours, with 3,097,114 tokens burned, totaling 410.75 trillion burned tokens.
- Historically, high burn rates have preceded price increases due to reduced supply.
- Market analyst Crypto Patel predicts the next major crypto rally will likely emerge from the Ethereum ecosystem, which includes SHIB and other projects like PENDLE and PYTH.
- SHIB's chart shows a classic cup-and-handle formation, indicating a bullish continuation pattern.
- A breakout above the resistance zone ($0.0000131 to $0.0000140) could lead to targets of $0.0000175 and $0.0000200.
If SHIB breaks through the $0.0000220 level, it could confirm a significant breakout, marking a potential 70% move from current prices.