Despite the recent downturn in the cryptocurrency market, Shiba Inu coin investors have something to smile about, including the recent resurgence of the coin. In the past 24 hours, the recent resurgence has also seen Ethereum whales scoop up 150 billion Shiba Inu coins. The massive buy of the crypto has partly been fueled by the recent burns, where the past three days have seen over 62.26 million tokens burned.
Shiba Inu prices are up by over 40 per cent in the past week. The crypto is also looking aggressively bullish today, with a price surge of 3%. The current uptrend, however, is unlikely to come to an end soon.
Recent data from Shiburn shows that 62.26 million Shiba Inu have been burnt. The intensifying burn rate will see most of the cryptocurrencies in circulation removed. The impact will result in the price of the Shiba Inu rising.
The recent endorsement of memecoin by Elon Musk has also contributed greatly to the current rise of Shiba Inu. When Elon Musk was sued for hundreds of billions, there was a lot of discomfort in the memecoin industry. Despite Shiba Inu not being involved as part of the lawsuit, the memecoin community feared they would be next. However, Musk’s defence of his action and his commitment to continuing using Dogecoin crypto reverberated throughout the industry and resulted in a surge for almost all memecoins.
In today’s trading session, Shiba Inu is up by 3 per cent. The Crypto is also looking likely to continue with the aggressive bullish trend throughout the session. Currently trading at $0.000011, there is a high likelihood that we will see the prices rise to trade above the $0.0000125 price level in the next few trading sessions.
However, my strong bullish analysis will be invalidated if the prices drop to trade below the $0.000010 price level.
This post was last modified on Jun 27, 2022, 15:50 BST 15:50