Over the past 5,7 hours, the second most popular meme token has fallen by almost 0,000024% to $XNUMX. However, there are signs that the price Shiba Inu (SHIB) may retest this week's high of $0,00003045.
One reason for the optimistic forecast is data from the Shibburn platform, which shows that over the past 24 hours the burn rate Shiba Inu increased by 115%.
SHIB Burning
Recently, over 16,1 million memcoins were burned. In total, 410 trillion tokens have been destroyed since SHIB was launched. There are currently 583 trillion remaining in circulation.
Let's remember that developers burn tokens by moving them to an inaccessible address. In this way, they reduce their number in circulation, creating a deficit.
Another potential reason for the SHIB rally could be the increase in the number of addresses in the Shibarium network. There are already more than 1,89 million of them. If the trend continues, then by the end of the year the figure could exceed 2 million. Activity within the network is also growing: in the last few months, 509 million transactions have been made in Shibarium.
Crypto analysts also talk about technical indicators that point to a bullish scenario for the memecoin.
For example, on the daily chart Shiba Inu The 50-day and 200-day moving averages have formed a “golden cross” pattern, which in most cases leads to a rapid growth of the asset.
SHIB memcoin chart
SHIB has also formed a cup and handle pattern, with the current decline being part of the handle. In most cases, this pattern usually leads to a strong bullish breakout. If this happens, the coin could rally to a yearly high of $0,000045, which is about 90% higher than the current level.
