What to Know Before Trading Shiba Inu (SHIB) Today
Shiba Inu (SHIB) has been on a tear this week, surging over 26% in the past seven days. Here's a quick rundown of the key things to consider
Shiba Inu (SHIB) has been on a tear this week, surging over 26% in the past seven days. Here’s a quick rundown of the key things to consider before you trade SHIB today:
1. SHIB Burn Rate Skyrockets
Shiba Inu developers are torching tokens at an unprecedented rate. In the last 24 hours, the burn rate spiked over 23,000%, with over 13 billion SHIB tokens sent to oblivion. This token burning aims to reduce the overall supply, potentially pushing the price up in the long run.
2. BONE Listing Push on Binance
Shytoshi Kusama, the lead developer, is lobbying for the listing of ShibaSwap’s BONE token on Binance, the world’s largest crypto exchange. BONE plays a vital role in the Shiba Inu ecosystem, powering transactions on Shibarium, their Layer-2 solution. While a listing isn’t guaranteed, a successful community push could significantly boost BONE’s value.
3. Bullish Shiba Inu Price Predictions
Analyst Alan Santana sees the recent surge in trading volume as a potential sign of a new bull market cycle for SHIB. He points to similar spikes in activity preceding SHIB’s all-time high in 2021. The recent price breakout and strong relative strength index (RSI) suggest a renewed buying frenzy from investors.
4. SHIB/USD Technical Analysis
Crypto analyst Ali Martinez identified a symmetrical triangle formation on SHIB’s chart. If the price can hold above $0.000038, it could trigger a 40% surge towards $0.000052. However, a drop below $0.000033 could signal a bearish reversal.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals