Shiba Inu Prices Surge as Burn Rate Escalates
Shiba Inu (SHIB), the second most prominent meme cryptocurrency by market capitalization, has witnessed a price increase of over 3% within the last 24 hours, achieving a nearly seven-week peak of $0.00001416 at one moment, according to data from CoinDesk.
The upward trend occurred as Bitcoin hit a new all-time high, surpassing $122,000, invigorating momentum in the overall cryptocurrency market.
Key Insights:
- In July alone, SHIB’s value has surged by 20%, compared to Bitcoin’s 13% gain, marking its noteworthy performance.
- Analysts anticipate a major rally for SHIB as its burn rate has substantially increased, supported by insights generated from AI tools at CoinDesk.
Market Behavior
SHIB experienced notable volatility, moving from $0.000013314 to $0.000013720 over a 24-hour period, illustrating strong trading activity, supported by a volume of 536.21 billion tokens. Despite a slight dip back to $0.000013722, the token has regained momentum, and the market analysts predict a potential rally of up to 1,500%, especially as the burn rate is soaring by 2,080% weekly.
Another notable point is that SHIB’s market valuation has successfully reclaimed the $8.00 billion milestone amid rising expectations for AI-driven initiatives within its ecosystem.
Current Strength Indicators
Currently, the 14-day Relative Strength Index (RSI) is approaching 70, which typically indicates overbought conditions; however, this is also recognized as a sign of strengthening momentum in recent advancements. The price patterns observed also indicate persistent buying pressure as SHIB aims to exit an inverse head-and-shoulders pattern.
SHIB’s price
Image caption: SHIB’s price.
