The price of the cryptocurrency Shiba Inu (SHIB) is about to soar by 800% in March, paving the way for a tremendous rally that has attracted investors and rocked the cryptocurrency industry. This spike occurred shortly after SHIB’s burn rate unexpectedly increased by 30,000% in one day.
The development has shocked the cryptocurrency community and putting SHIB in the public eye as one of the most intriguing commodities available. The report says that 3.75 million SHIB tokens were burned, which has aroused investor curiosity.
The general cryptocurrency industry is currently riding on the memecoin performance hence, showing a strong bullish statement. The rising performance of Dogwifhat, Dogecoin, and its equivalent is showing the rising influence in the cryptocurrency industry.
Increase in Price of SHIB Linked to SHIB’s Burn Rate
The sudden spike in Investor optimism has been bolstered by SHIB’s burn rate, which they interpret as an optimistic sign for the cryptocurrency’s future price trajectory. The combination of the rising burn rate and increasing investor interest, according to many traders and analysts, may allow for a sizable increase in the price of SHIB in the upcoming weeks.
Data from Santiment says that SHIB is joining the likes of Floki, Dogecoin, Pepe, and Bonk in the recent memecoin price rise, thereby improving their market values. Dogecoin (DOGE) has maintained its current rally by adding an extra 18% profit to its profit and breaking the $0.15 price mark.
Solana-based Dogwifhat (WIF) had a 35% price increase in the last 24 hours, which is considered a significant move, considering its 311% weekly growth. Data extracted from Lookonchain has shown that some PEPE whales have engaged in a huge sell-off that involves $6.07 million worth of PEPE. This was accompanied by the purchase of 75.9 billion units of Shiba Inu tokens, worth $893,000.
Experts Link Increased Burn Rate to Increasing Interest in Memecoin
The increased SHIB’s burn rate is a reflection of the general interest in meme-inspired cryptocurrencies, which have grown in acceptance over the past few months. The increase in burn rate and subsequent decrease in token supply have only helped supporters of SHIB feel more optimistic about the project’s future. SHIB is leading in the memecoin price rally, as its price has increased to 52% as of press time.
The increase followed a 30,000% boost in the burn rate in 24 hours, forcing some industry analysts to ask questions. A popular SHIB analyst, Lucia, has predicted an 800% price increase, making a comparison with the 2021 bull run when the Shiba Inu token had an 800% price increase in one week without a burn.
However, historical analysis by IntoTheBlock says that transactions on Shiba Inu that are over $100,000 had a major rise, increasing from 544 billion units of SHIB to 2.82 trillion units in 24 hours in February.
Investors Advised to Stay Informed, MACD Warns of Progressive Momentum
Investors are encouraged to actively follow market events and stay informed about any developments that may affect the trajectory of the cryptocurrency as anticipation grows for a potential rally in the price of SHIB.
Qadir AK, an analyst with CoinPedia has advised that given the current level of volatility in the cryptocurrency market, it is imperative to employ cautious risk management tactics to properly navigate the market.
Current data from the CoinPedia platform says that the increase to $0.00002 by Shiba Inu will compel it to face some hitches at $0.000014 but will eventually break through. The rising Relative Strength Index (RSI) is indicating more profit, particularly if the reaches the overbought point which will in turn trigger a buying rave.
The Moving Average Convergence Divergence (MACD) is currently warning of progressive momentum, a development that has raised optimism among traders who have recently raised the buying signals. The SHIB burn rate on the other hand has remained grossly unsteady, rising in one day and declining within 24 hours. This, however, is happening despite the current 63% decline in the burn rate.
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