Can Shiba Inu Price Compete With New Meme Coins As SHIB Burn Rate Spikes 22,000%?

Shiba Inu Price was lagging behind compared to the new parts even such as Fartcoin and Pepe, which recorded notable gains last month. However, a recent peak in the shib burning rate and the number of active addresses aroused speculation as to whether the second largest piece of memes can compete with these new parts.

The value of SHIB flashes today the lowering signals with a decrease of 2% to negotiate at $ 0.000013 at the time of the press. The hollows occur after the wider cryptography market withdrew after Bitcoin (BTC) has slipped below $ 96,000.

Shiba Inu Prix in the home while the burning rate increases 22,000%

A rally is preparing for the Shiba Inu price after a drastic increase in the burning rate. Shibburn data Shows that during the last 24 hours, more than 27 million tokens have been withdrawn from the supply in circulation, only one address burning more than 15 million priests.

The increasing burn rate coincides with an increase in user activity after the number of active addresses has climbed to the highest level in almost two months. Santiment data show that the number of addresses active in the last seven days has reached 23,014, which has been the highest since the end of February.

As the use of the network increases, it triggers an increase in the burning rate, as illustrated in the above data, which makes an optimistic case for the prediction of Shiba Inu prices.

Can SHIB compete with new pieces of memes?

In recent weeks, capital has been turned from the oldest pieces even to more recent pieces while traders are pursuing rapid profits. This rotation of capital follows the low performance of Shiba Inu prices, since it only gained 9% in the last month. On the other hand, Fartcoin climbed 196% during the same period, while Pepe is up 23%.

However, given that old coins such as Dogecoin and Shibs are less volatile, traders could move away from these new parts if they show signs of a weakened trend. In addition, analysts have also predicted an upcoming Shib rally.

Therefore, if the burning rate and the number of active addresses continue to increase, Shib has the potential to compete with new coins. If these fundamental principles are weakening, coins such that Fartcoin will continue to surpass Shiba Inu.

Technical analysis of Shiba Inu

The price of Shiba Inu comes out of a parallel channel descending on the weekly graphic, suggesting that the lower momentum is weakening, which can unlock an upward trend. However, SHIB still has to overcome the resistance at $ 0.0000173, how high it has created and confirm an increased stock exchange trend.

However, this increase will only be confirmed if the highest meme piece can attract an activity on the purchase side that will push the RSI over 50. This will confirm the change in market structure, which will trigger the upward trend towards key resistance levels.

If the upper thesis above fails and Shib fails to make a decisive closure above the descending trend line, it can decline a drop in the level of support of $ 0.108. However, as long as the number of active addresses and the salter burning rate remains high, the same token has the potential to maintain gains.

✓ Share:

muthoni

Muthoni Mary is a seasoned analyst and writer of the cryptography market with more than three years of experience in dissection of blockchain trends, price movements and market dynamics. With a lively eye for technical analysis and an in -depth understanding of the measures on the chain, it offers insightful content and focused on data that helps investors navigate in the rapid world of digital assets.

Warning: The content presented may include the author's personal opinion and is subject to the market state. Do your market studies before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.