Oct 13, 2024

6thTrade

Shiba Inu (SHIBUSD) has experienced a surge in price after breaking through a key resistance level of $0.00001750, marking a potential shift in momentum for the popular dog-themed meme coin. This upward movement comes on the heels of a remarkable spike in SHIB’s burn rate, which has skyrocketed by 1,436%, contributing to both price stability and heightened investor interest.

Bullish Sentiment Builds as SHIB Breaks Key Resistance Level

Data from Shibburn reveals that over 19 million SHIB tokens were recently sent to dead wallets, a process that permanently removes them from circulation. With this latest burn, the cumulative number of SHIB burned has reached a staggering 410,730,888,039,931 tokens. This deflationary approach aims to reduce the overall supply of SHIB, theoretically increasing its scarcity and, by extension, its potential value over time. $SHIB

This recent burn has sparked a wave of optimism within the Shiba Inu community, pushing the price of SHIB up by over 5%. Breaking through its previous resistance level, SHIB momentarily climbed towards $0.000018. Though the price corrected slightly afterward, the token has demonstrated promising resilience. If current momentum holds, there’s hope among holders that SHIB could continue to rise, challenging higher resistance levels in the near future.

As of the latest update, Shiba Inu is trading at $0.00001797, representing a notable 5.42% gain in the past 24 hours. This increase reflects the growing bullish sentiment surrounding SHIB’s ongoing efforts to reduce supply and increase utility within its ecosystem.

Shytoshi Kusama’s Teasers Spark Excitement and Speculation

Adding fuel to the excitement, Shytoshi Kusama, the enigmatic leader of the Shiba Inu project, has been teasing the community with hints of potential new partnerships. According to a recent report by U.Today, should SHIB’s price maintain itself above the 100-day Exponential Moving Average (EMA), it could signal a stronger comeback and help recover some of the valuation lost in recent months.

Shiba Inu has been ramping up its efforts in the last few weeks with a series of token burns designed to stabilize and potentially increase its price. Kusama recently hinted at a new development in the Shiba Inu ecosystem that has sparked speculation among SHIB enthusiasts. In a series of posts on X (formerly Twitter), Kusama alluded to a “back-to-the-future” theme, suggesting an upcoming “friendshib” with none other than the DeLorean Motor Company.

While details about this potential partnership remain under wraps, the mention of DeLorean—a brand synonymous with innovation and nostalgia—has fueled excitement within the SHIB community. Many are now speculating that the partnership could involve a limited edition, Shiba Inu-branded DeLorean sports car, or even a deeper collaboration between Shiba Inu’s digital ecosystem and DeLorean’s automotive technology.

For the Shiba Inu community, the possibility of partnering with an iconic brand like DeLorean is a thrilling prospect. Not only does it open the door to a wider audience, but it also hints at potential use cases that could extend beyond the digital sphere. Given the recent burn rate spike, Kusama’s teasers, and the sustained price action above key technical levels, SHIB holders are hopeful that these developments could mark the beginning of a sustained upward trend for the token.

The Shiba Inu ecosystem’s dedication to reducing its token supply while expanding its brand presence suggests a multifaceted approach to driving value. As Kusama continues to hint at partnerships and development milestones, SHIB’s journey remains one to watch closely as it evolves from a meme coin into a broader player in the crypto space.

Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.


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