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Memecoin Mania Brings Strong Spike in Shiba Inu (SHIB)

Memecoin Mania Brings Strong Spike in Shiba Inu (SHIB)

Shiba Inu (SHIB) is on fire, surging over 174% in the past week. Here’s what traders need to know before jumping in:

 

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1. SHIB Burn Rate Buzz

SHIB’s price rise is partly fueled by a shrinking supply. According to Shibburn, over 68 billion SHIB were burned in the last 24 hours, contributing to a deflationary trend. This could be a positive sign for long-term holders.

2. Riding Bitcoin’s Wave?

SHIB’s recent jump coincides with Bitcoin hitting $63,000, lifting the entire crypto market. Analyst Linda Jones’ bullish comments and SHIB’s rise to 12th in market cap add to the excitement.

3. Shiba Inu Whale Activity and Retail FOMO

On-chain data reveals a Shiba Inu whale depositing a massive amount of tokens on Binance, potentially capitalizing on the surge. News of another trader making $700,000 in two days with SHIB is fueling retail investor interest (FOMO).

4. Doge Killer or Friendly Rival?

Shiba Inu’s leader, Shytoshi Kusama, has stirred the pot with comments calling SHIB a “Dogecoin Killer.” This suggests SHIB aspires to dethrone Dogecoin as the top meme coin.

5. Speculative Frenzy and Caution: Shiba Inu’s futures open interest surpassing $100 million indicates a surge in speculative trading. This could be a sign of a bubble, and some experts warn of a potential market correction.

SHIB/USD Technical Analysis

  • Short-Term: The parabolic uptrend is unlikely to continue indefinitely. A pullback for consolidation is a strong possibility. Watch for support levels around $0.00002000-$0.00002200 for potential entry points.
  • Long-Term: The long-term outlook depends on several factors, including SHIB’s burn rate, its ability to establish itself beyond the meme coin category, and broader market trends.
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ABOUT THE AUTHOR See More
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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