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- With a 150% price surge already in 2024, Shiba Inu gears for the next leg of the rally as per its technical chart setup.
- Shiba Inu has evolved into a more functional blockchain platform, offering holders the ability to engage in various DeFi activities.
Meme coin Shiba Inu (SHIB) has been recently on investors’ radar while witnessing some price uplift over the past week. So far this year in 2024, the Shiba Inu (SHIB) is up by 150% shadowing the returns of some of the top cryptocurrencies like Bitcoin, Ethereum, etc.
There’s a lot of hype that the SHIB price could rally to $0.01 during the next bull run. However, let’s take a look into how well Shiba Inu (SHIB) has been placed fundamentally.
The rapid rise of Shiba Inu to fame can primarily be credited to its affordable price, making it appealing to retail investors in search of the next potential high-growth opportunity. Amplifying the hype, social media influencers and online communities played a significant role in endorsing it as the next major trend in the cryptocurrency space.
However, apart from staying as another meme coin in the market, Shiba Inu has graduated to emerge as a more functionally active blockchain platform with the consistent efforts of its developers. Presently, holders of Shiba Inu have the capability to acquire non-fungible tokens (NFTs), exchange tokens, and engage in various decentralized finance (DeFi) activities commonly available on other blockchain platforms.
However, despite these functionalities, Shiba Inu encounters a significant obstacle: a circulating supply totaling 589 trillion tokens. For the meme token to experience noteworthy price appreciation, it would need to overcome the fundamental principles of supply and demand.
SHIB Token Burning
As part of its rebranding strategy, developers introduced a burn mechanism in an attempt to reduce the substantial token supply. However, these efforts have proven ineffective. For Shiba Inu to appreciate in value, even with artificial intervention through a burn mechanism, it would need to eliminate hundreds of billions of tokens from circulation to achieve a value of $0.001, let alone $0.01 (recently trading at approximately $0.000027).
Providing additional perspective, reaching the $0.01 milestone would signify that the meme coin’s value surpasses more than twice the total market capitalization of the entire cryptocurrency market, which stands at $2.6 trillion. Even though if not unattainable, this milestone will certainly take much more time than anticipated.
According to recent data provided by the Shibburn team, over the past 24 hours, the SHIB community has executed substantial transfers of meme coins to “inferno” wallets, effectively burning these SHIB tokens beyond retrieval.
The data indicates that since yesterday morning, the dedicated SHIB community, comprised of both individual enthusiasts and legal entities, has transferred a total of 87,760,994 SHIB tokens to unspendable blockchain wallets, as per the Crypto News Flash report.
These burns have significantly increased the overall SHIB burn rate by an impressive 48,554.74%. Notably, there have been two notable burn transactions, with one involving 61,908,927 SHIB and the other 25,852,066 SHIB, both transferred to dead-end addresses. These transactions occurred 17 and 18 hours ago, respectively.
Shiba Inu Price Rally Ahead?
Shiba Inu (SHIB) could see a surge in price around April 17, driven by a notable technical signal. Analysis of the charts indicates that the 50-day Exponential Moving Average (EMA) is anticipated to intersect with SHIB’s present price near that date. This convergence might establish a dynamic support threshold, potentially impacting investor sentiment and strengthening its upward trajectory, per the Crypto News Flash report.
