SHIB Price Skyrockets Amid Meme Coin Rally and Burn Activity, Will Shiba Inu Finally Take a Bite of the Crypto Big Leagues?

Hold on to your leash, Shiba Inu lovers! SHIB’s price has been on a wild ride lately, skyrocketing over the past few days, leaving many investors wondering if Shiba Inu is finally ready to take a piece of the cryptocurrency giant’s pie.

Shiba Inu (SHIB) price has seen a remarkable uptrend over the past few days, skyrocketing and leaving many investors wondering if it's finally time for Shiba Inu to take a bite out of the crypto big leagues. This significant uptrend has left analysts scratching their heads and scrambling to understand what's driving this unexpected frenzy.

But, as we explore, a few key factors could be contributing to SHIB's surge. Today's impressive 3% surge in SHIB's price can be attributed to several factors :

Meme Coin Rally

Amid a broader rally in meme coins, Shiba Inu Coin jumped nearly 3%. The overall meme coin market cap rose 4.15% to $49.25 billion. Major players like Dogecoin, Pepe Coin, and WIF also saw significant gains, suggesting renewed investor interest in this sector. Despite market volatility, the lower prices of meme coins have attracted investors looking for growth opportunities. Shiba Inu's price has dropped over 90% from its peak, making it an attractive investment for those seeking high-risk, high-reward tokens.

Shiba Inu Burn Activity

Shiba Inu burn activity has also played a role in the recent price surge. According to data from Shibburn, over 10 million SHIB were burned on Wednesday, igniting hopes for a future SHIB rally. An address burned 8.56 million SHIB in a single transaction, while another address burned 1.29 million SHIB. A total of 11.07 million tokens were burned in the past 24 hours, increasing the burn rate by 12%. Currently, the total supply burned stands at 410.72 trillion SHIB, with a circulating supply of 583.31 trillion.

Shiba Inu Community Anticipates Web3 Version of SHIB Eternity

The market is also rooting for new development, as the Shiba Inu team announced a Web3 version of Shiba Eternity with the Shibarium layer-2 solution for Q3 2024. Lead creator Shytoshi Kusama said game money would improve SHIB and LEASH token burning. These announcements boost investor confidence.

As SHIB continues to trade in the green, many investors are wondering if it's still a good time to buy. While the crypto market is bearish, on-chain data and expert analyses suggest a potential rally for SHIB. The Shiba Inu RSI stands at 31, showcasing an oversold condition that could lead to a price rebound. Whales might see this as a “buy-the-dip” opportunity to increase their holdings. Shiba Inu's Open Interest has also risen 1.32% to $35.66 million**, reflecting growing investor interest. Currently, SHIB is trading at **$0.00001769, up 2.87%.

What's Next for SHIB Price?

Market participants expect SHIB to reach $0.00002** soon. Analysis indicates critical resistance levels at **$0.00001968 and $0.00002512**, which are crucial for its upward trajectory. However, breaking through these levels could lead to substantial profits. Meanwhile, support at **$0.00002083 and $0.00001627 is key for maintaining stability amid market fluctuations. These significant SHIB developments together have fortified its massive uptrend over the week.

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