Shiba Inu, the popular meme coin, has been predicted to experience an explosive run due to the trillions of tokens expected to be burnt this year. Despite a 4% surge in the last 24 hours, the coin has seen a 13% decline in the past week, trading at $0.000009. Analysts are optimistic that the asset could rally to “kill more zeros” as more Shib is expected to be burnt this year.
A deleted tweet from the admin of the Telegram group “Shibarium Tech” hinted at an upcoming surge that could be triggered by the 9.25 trillion tokens to be burnt this month. The reason for the deletion of the tweet by RagnarShiba remains unknown, but it is speculated that he wanted to avoid raising expectations too high.
This will be the first time such an amount will be burnt after the Ethereum co-founder Vitalik Buterin burnt trillions of the asset previously. In November and December, over 36 billion Shiba were burnt. However, some members of the crypto community believe that Ragnar may have made a typo or overlooked some details. They expect that Shibarium will contribute to a larger part of the whole burning process this month. Shibarium contributed 34 billion burned SHIB to the over 76 billion burned tokens last year. 64 million SHIB has so far been burnt this year according to reports.
Some users believe that Ragnar’s tweet emphasizing the huge Shiba Inu burn is exaggerated. They argue that only hundreds of billions of dog-themed assets would be burnt at most this year. According to them, the surge of the Shiba Inu price may come from the burn phase, not the amount of tokens burnt. A price prediction platform has predicted that Shiba Inu could finish the year at $0.000026.
Shibburn platform discloses that 2,469,589 SHIB was burnt in just 24 hours. Interestingly, the burn rate is 41 percent down compared to the 2274 percent surge on Friday. At this rate, Shiba Inu could certainly hit $0.001 in the long term. Mid-last month, an analyst identified as Ali observed that the asset had tested a major resistance level at $0.000011 which could propel it to $0.000014. However, he predicted that the price could go as low as $0.000008 when bears reject the price.
Since Sept 2022, #ShibaInu has been trading inside a descending parallel channel. Currently, $SHIB is testing a crucial resistance at the upper boundary of this pattern, around $0.000011. A decisive weekly close above this level could signal a bullish breakout, propelling $SHIB towards $0.000014. However, if it faces rejection here, we might see a pullback to $0.000008 before the bullish breakout.
The current bearish run cut across the meme coin industry as Dogecoin declines by 14.89% in the past seven days with a bearish market sentiment of 25/100. In the past 24 hours, Dogecoin has surged by 0.25%.
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This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ali, Vitalik Buterin |
| Companies | Shibarium Tech, Shibburn platform, Crypto News Flash |
| Currencies | Ethereum, Dogecoin, Shiba Inu |
| Securities | None |
