Why Shiba Inu Is Primed For Massive $0.010 Price Upswing With 10 Billion SHIB Burned in January #ShibaPriceAnalysys
As Shiba Inu continues to be one of the top meme coins based on market value, a bullish signal is popping up in the SHIB network.
Accordingย to leading market analyst Ali Martinez, an upswing might be imminent for Shiba Inu, given that a buy signal is flashing, as shown by the TD Sequential indicator.
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The analyst added,ย โKeep an eye out, as SHIB could climb to $0.010 or potentially even reach $0.011.โ
Suppose this prediction sees the light of day. In that case, Shiba Inu will experience a price surge of more than 111,000%, given that the eighteenth-largest cryptocurrency was trading at $0.000009 at press time, according toย CoinGecko data.
With Martinez stipulating that the TD Sequential indicator has been incredibly precise when predicting Shiba Inuโs price movements, time will tell how SHIB shapes up both in the short and long term as the meme coin continues enjoying a remarkable burn rate.
Nearly 10 Billion SHIB Tokens Burned in January
Scarcity continues to engulf the Shiba Inu ecosystem thanks to the jaw-dropping burn rate being experienced. For instance, close to 10 billion SHIB tokens were eliminated in January.
Analytics platform Shibburnย highlighted,ย โ9,937,949,070 SHIB tokens have been burned in the month of January with 269 transactions.โ
Why is the burn mechanism important in the Shiba Inu network? Well, it helps slash SHIBโs circulating supply, and scarcity is created in the process.
Therefore, depending on market forces, this is bullish because SHIBโs price is poised to surge on the foundation of rising demand.
