The Shiba Inu (SHIB) burn rate experienced a significant increase on July 30, rising by over 7,000% as activity around the Shibarium network intensified. Over 2.3 million SHIB tokens were sent to burn wallet addresses within 24 hours, reducing the circulating supply of the meme coin and making it deflationary. The growing burn rate indicates increased activity on the Shibarium blockchain, which recently reached 6 million blocks and 416 million transactions, showcasing the network’s expansion.
One factor fueling Shibarium’s growth is the Web3 upgrade of the Shiba Eternity Web3 game, showing continuous development and innovation within the ecosystem. Despite a 2.4% drop in price in the last 24 hours, Shiba Inu remains in a positive position, with the coin forming higher highs on the six-hour chart, suggesting upward momentum. The Relative Strength Index (RSI) at 54 and the Moving Average Convergence Divergence (MACD) line crossing above the signal line indicate potential for further gains and a trend reversal.
Analyst Jonathan Carter believes that SHIB is poised for a significant rally, with the coin forming a descending channel that could lead to a trend flip. If SHIB manages to break above this channel and surpass the 50-day Moving Average, the price could rally by 120% to reach $0.000038, potentially reaching a new all-time high. This positive sentiment is supported by the conviction of investors in Shiba Inu’s performance, with analysts ranking it among the top meme coins with strong potential for success.
As the burn rate continues to increase and activity on the Shibarium network grows, Shiba Inu is positioned for further growth and success in the cryptocurrency market. The removal of a large number of tokens from circulation through burning benefits SHIB investors and contributes to the overall deflationary nature of the meme coin. With ongoing developments such as the Web3 upgrade and bullish price indicators like the RSI and MACD, Shiba Inu stands to capitalize on its positive momentum and potential for a significant price rally in the near future. Investors and analysts alike are optimistic about SHIB’s future prospects and performance in the competitive cryptocurrency space.
