another chat gpt hero that uses shiny words like parabolic. rally etc etc

Shiba Inu Burns 17M Tokens – Could a Parabolic Rally Be Next?

17 million Shiba Inu ($SHIB ) tokens were burnt in the last 2 days, data provided by shibburn.com suggests. That makes for a good title, but actually, that only amounts to tokens worth around $500 being burnt.

That’s pretty minuscule in the grand scheme of things, with Shiba Inu’s market cap around $16.58 billion as of Thursday.

Shiba Inu is a much more speculative bet, a meme coin that relies upon hype cycles, and its ever-growing and highly dedicated community of followers and investors.

While the latest deflation figures from shibburn.com are unlikely to move the needle for Shiba Inu, there are plenty of other reasons for investors to be excited right now.

Shiba Inu – Could a Parabolic Rally Be Next?

So, if parabolic rallies are right around the corner for Shiba Inu, how high could the meme coin go.

Well, once the meme coin breaks above its prior record levels of just under $0.000090 and enters price discovery, it’s really anyone’s guess.

But a rally towards the 3.618 or 4.236 Fibonacci extension from the 2023 lows back to the 2021 highs suggests gains of as much as 10x from current levels are very possible.

That would see $SHIB attain a market cap of over $150 billion.

That may seem ridiculous, but if Bitcoin ($BTC ) hits $200,000, that would see its market cap exceed $4 trillion. In this scenario, SHIB’s market cap would only amount to about 4% of Bitcoin’s, which is to unbelievable when considering its position as a leading meme coin in the market.

Either way, the near-term future looks very bright for the meme coin space and Shiba Inu, though, as ever, these are incredibly volatile markets.

In order to reap big gains, investors also need to be able to HODL through rapid and aggressive downturns.

Thank you for reading.

#BitcoinKeyZone