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- Shiba Inu confirms a Falling Wedge breakout, signaling a potential 480% price surge, boosting community optimism.
- SHIB ecosystem expands with K9 Finance’s liquid staking and knBONE release, boosting utility and liquidity.
In a tweet, popular analyst Javon Marks stated that Shiba Inu (SHIB) has confirmed a “Falling Wedge” breakout, indicating a potential price rally.
Marks noted that Shiba Inu (SHB) also has a Falling Wedge breakout that has been validated. The token’s larger target remains at the $0.000081, and this breakout may just serve as the catalyst for the next wave of an over 480% run to reach it.
This technical pattern, known as a bullish reversal signal, has piqued the interest of SHIB investors, who are hoping for a huge rise to reach an astounding 480% increase from present levels.
$SHIB (Shiba Inu) also holds here a Falling Wedge breakout that has been confirmed!
It's larger target remains at the $0.000081 level and this breakout may only help spark the next wave of an over 480% run to reach it… https://t.co/acGTmPq17h pic.twitter.com/kcKiFeeSYc
— JAVON⚡️MARKS (@JavonTM1) September 13, 2024
SHIB Burn Rate Skyrockets 8000%, Boosting Investor Confidence
The huge increase in SHIB’s burn rate adds to the positive outlook. The official Shiba Inu Twitter account has stated that the SHIB burn rate had increased by an astonishing 8,000%.
The tweet states that the SHIB burn rate has soared by 8000% and the SHIB ecosystem is stronger than ever due to advancements like liquid staking from K9 Finance and updates to Shiba Eternity Web3.
The burn mechanism has long been viewed as a technique to reduce token supply while potentially increasing price over time. With more tokens burnt, SHIB holders are becoming more confident about the future.
K9 Finance, a prominent Shiba Inu ecosystem partner, is also contributing significantly to SHIB’s current pace. According to CNF, K9 Finance has announced plans to establish a Liquid Staking Derivative (LSD) platform this month.
This platform will allow SHIB community members to lock their BONE tokens and receive prizes, offering additional incentives for users to engage with the Shiba Inu ecosystem. The addition of liquid staking is expected to increase SHIB’s usability and attract new users to the platform.
On the other hand, as we previously noted, Shiba Inu’s marketing lead, Lucie, shared that a large quantity of BONE tokens now held in validators will be released as knBONE on Shibarium. This change is expected to increase liquidity within the Shibarium ecosystem and open up new opportunities for developers. Lucie stated:
“This will provide opportunities for developers and projects to integrate knBONE through staking pools and NFTs.”
The release of knBONE is expected to accelerate SHIB’s integration into the decentralized finance (DeFi) and NFT sectors, making it a more adaptable asset in the broader crypto ecosystem.
At the time of writing, SHIB is trading around $0.00001387, up 2.94% over the last 24 hours. This increase in price coincides with a huge increase in trading volume, which has risen by more than 47% to $168.55 million.
