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Long considered to be the alternative to Dogecoin, Shiba Inu’s price has continued to perform in the markets for the past few trading sessions, rising by 10 per cent in the past five days alone. Today, Shiba Inu is up by 2 per cent, extending yesterday’s percentage gain.
The current price increase comes amidst the increased burn rate of the memecoin, which now stands at triple digits, according to data from ShibBurn. Despite the sudden spike in burn rate, the amount of SHIB burned was still in low figures of 129.4 million, which is equivalent to $1,430.
One of the biggest criticism of the memecoin in the past few months has been its low burn rate, which most of its investors expected to be high at this time. The high burn rate, if implemented correctly, is likely to see Shiba Inu prices starting to go up again. The memecoin will also start acting as a deflationary cryptocurrency, whereby the reduction of the total supply of SHIB tokens ensures that its prices are always going up regardless of what is happening in the markets.
Shiba Inu is up by 2 per cent in today’s trading session. The price gain is an extension of yesterday’s price gain of a percentage point and a continuation of a recent bullish trend that has seen Shiba Inu’s price surging by over 10 per cent in the past five days.
Looking at the chart below, we can see the Williams Alligator starting to give signals of price reversals, with its lines looking like they are crisscrossing. There Shiba Inu price is also bouncing from the lower trend line of a long-term ascending channel.
Therefore, the likelihood that we are in a price reversal is very high, and I expect the Shiba Inu price to continue rising and possibly trade above the $0.000012 price level. For the long term, I expect the Shiba Inu price to trade above the $0.000015 price level. My analysis will be invalidated should the prices fall below $0.000010.
This post was last modified on %s = human-readable time difference 15:20