As SHIB becomes the best-performing meme coin, might $1 SHIB be possible?



With its price rise, Shiba Inu (SHIB) is the best-performing meme currency. Its burn rate and market value increased significantly before this astonishing reversal.


In the last day, Shiba Inu's burn rate increased by 781% and its price rose. Since this rebirth reinvigorated the Shiba Inu community, there has been much speculation about the token's development potential.


Over the last 24 hours, SHIB has gained 11% to $0.00001607. The bitcoin market has also helped SHIB recover.


Shiba Inu bulls are testing a critical price level where numerous addresses have a lot of SHIB.


Shiba Inu Price Fluctuations and Investor Sentiment
Shiba Inu's price changes have several causes. First, bitcoin market attitude greatly affects SHIB.


SHIB has benefited from the market's recent increase despite its rollercoaster price swings. The improving market attitude has encouraged investors to re-enter, raising SHIB's price.


Second, Shiba Inu's burn rate has skyrocketed, affecting its price. The burn rate increased 800% in 24 hours, destroying 18 million SHIB tokens. This ongoing endeavor to limit supply tries to boost market scarcity and price.


Third, whale activity has shot up, affecting SHIB prices. In 24 hours, CoinMarketCap reported a 21.54% increase in SHIB's huge transaction volume to $451 million.


This spike suggests whales are storing or transporting SHIB. This behavior frequently suggests market shifts and price volatility.


Whales' aggressive accumulation implies that major investors believe SHIB can develop.


Technical analysis also favors bulls. With 422.29 trillion SHIB owned by 23,330 addresses at $0.000017, Shiba Inu is nearing a crucial price threshold.


SHIB might reach $0.00002 if bulls break this key level. A prolonged break above the daily moving averages of 50 and 200 at $0.0000193 and $0.00002125, respectively, may imply a strong bullish return.


Look for resistance between $0.000017 and $0.00002 in the immediate term.

#SHIB #BinanceTournament $SHIB