With the increase in the Shiba Inu burn rate, it appears that bulls are ready to retake charge, potentially triggering a bullish trend reversal for the meme coin.
Related Reading: Dogecoin Price Moving 2 Months Ahead Of Previous Cycle, Is $2.9 The Top?
At the time of writing, the price of SHIB is $0.000025, reflecting a 3.38% surge over the past week, according to CoinMarketCap. The popular meme coin experienced a major bull rally earlier this month, recording double-digit gains as it trailed the Dogecoin price surge.
Factors like broader market sentiment, post-election crypto rally, and the increased demand for meme coins have pushed the Shiba Inu price upwards. Moreover, as SHIB burn activity rises, this could serve as another bullish catalyst for the meme coin.
Shiba Inu
Adding to the optimism, analysts like ‘Shib Spain’ on X have forecasted a significant price breakout for SHIB. He shared a price chart suggesting that if the meme coin can break out of its current triangle pattern, it could potentially reach a price high of $0.000038.
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