- Shiba Inu price has started an uptrend, posting double-digit gains over the past two weeks.
- Over the past 24 hours, 179,387,035 SHIB tokens have been burned, fueling a shortage in circulating supply.
- Analysts predict big gains in Shiba Inu with bullish indicators in the Dogecoin-killer’s price trend.
Shiba Inu price started an uptrend as the circulating supply of the Dogecoin-killer shrinks. The community has burned another 179 million SHIB tokens overnight, pulling them out of the supply.
Also read: MULN stock suffers as Hindenburg puts the knife in
Shiba Inu price climbs consistently as the community burns SHIB
Shiba Inu community has consistently burned SHIB tokens and pulled them out of the supply permanently. Typically, SHIB that is burned is sent to dead wallets, reducing the circulating supply of the Dogecoin-killer.
As the circulating supply reduces and demand remains steady or increases it has the effect of increasing the value of the SHIB already held by investors. The Shiba Inu community is keen on reducing the supply through further implementation of burn.
Individual investors and businesses have burned SHIB, in fixed quantities, in the interest of fueling a price rally in Shiba Inu.
In the past 24 hours, 179,387,035 SHIB tokens were burned. Since the burn, Shiba Inu price started a brief uptrend. The spike in price was followed by a correction.
Several real-world businesses have announced the acceptance of Shiba Inu as a payment method, confirming the Dogecoin-killer’s real-world use case.
NOWPayments, a crypto payment gateway has confirmed the active participation of merchants in burn through a special feature. A fixed amount of SHIB tokens could be burned in each transaction, making it simpler to reduce the Dogecoin-killer’s circulating supply.
Analysts have evaluated the Shiba Inu price trend and predicted big gains in the meme coin. Shiba Inu price chart reveals a catapult pattern, considered the most sought after pattern, since it has a positive outcome. Shiba Inu price could therefore climb 40% in an ideal scenario given the prime setup.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.