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What to Know Before Trading Shiba Inu (SHIB) Today

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 before you trade SHIB today:

 

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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.

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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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