Sep 23, 2024
6thTrade
As the cryptocurrency market enjoys a surprising recovery, numerous assets are reaching crucial price points that could act as springboards for further growth. Ethereum, for instance, has seen a staggering 314% increase in transaction fees, a clear sign that the market may be bouncing back. Meanwhile, Shiba Inu (SHIB) is showing early signs of a possible trend reversal, having surged past its 50-day exponential moving average (EMA). $SHIB
Shiba Inu’s Bullish Sentiment
Shiba Inu, often a predictor of market shifts, has climbed above its 50-day EMA, signaling growing bullish sentiment. While this is an encouraging sign, SHIB is now approaching a key resistance level at the 100-day EMA. Historically, this has been a tough hurdle to clear, and failing to do so could spell the end of the current rally.
SHIB has been in a long-term bearish trend, with lower highs and lower lows since its last peak. The 100-day and 200-day EMAs remain major obstacles for the token. If it falls below these levels, it may resume its downward trend. However, should SHIB break through the 100-day EMA, it could lead to further growth, with the 200-day EMA as the next significant resistance level.
Although the recent breakthrough of the 50-day EMA is promising, traders should exercise caution. Relying solely on this signal may be risky, and waiting for more concrete signs of a trend reversal could be a wiser approach.
SHIB’s Burn Rate Skyrockets
According to data from the Shibburn tracker, the Shiba Inu community continues to make progress by gradually reducing the circulating supply of SHIB through token burns. Over the past 24 hours, the burn rate surged by more than 772%, with 15 million SHIB burned in three separate transactions. The bulk of this—nearly 15 million SHIB—was sent to an unspendable address in a single transaction.
Last weekend also saw significant burn activity, with the burn rate soaring by 2,834% on Saturday and an eye-watering 5,975% on Sunday. A record-breaking 232 million SHIB was destroyed on Saturday alone. As of now, there are over 583 trillion Shiba Inu coins still in circulation, with 410 trillion already locked in dead-end wallets.
Bullish Outlook for Shibarium
Lucie, the marketing lead for Shiba Inu, recently addressed skeptics of Shibarium, the layer-2 blockchain built on top of Ethereum for the Shiba Inu ecosystem. She reminded critics that ShibaSwap, the decentralized exchange (DEX), once had $1 billion staked on it, all from a so-called “meme” coin.
Lucie believes that when Shibarium reaches its full potential in terms of demand, market conditions, and global adoption, those who doubted its success will be left in disbelief.
Shiba Inu’s Price Surge
In the past 24 hours, SHIB has seen a notable price increase of 2.92%, climbing from $0.00001434 to $0.00001475. Since the Federal Reserve's rate cut announcement on September 18, SHIB has surged by 13.35%, suggesting that the market is warming up to the meme coin once again.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.