The crypto market is very active right now. A new bull run began with Bitcoin exceeding $61 thousand. Because Shiba Inu (SHIB) was also affected by this rally and reached new heights. SHIB is up 23.2% today, 41.4% this week and 43.5% last month. Additionally, it has gained 6.8% since February 2023. Additionally, it has been in the green zone since the beginning of the year.
Not only that, Shiba Inu has seen a tremendous 30,000% increase in its breeding rate. crypto- attracted the attention of the world. It made a big jump, rising to $0.000014.
Crypto Fever Rising
According to Shibburn data, there is a 30187% burn rate increase today. A total of 3.75 million SHIB tokens were destroyed in the last 24 hours. This, meme coinIt is considered a huge step to reduce the supply of ‘s and increase the positive sentiment among traders and investors. Currently, approximately 410.70 trillion SHIB coins have been burned. In this context, only 581.65 trillion coins remain in circulation.
Factors driving this increase include the advanced Shiba Inu ecosystem and features like SHEboshi, as well as the upcoming launch of KNINE and partnerships with organizations like Zama. All of this contributed to the Shiba Inu’s positive mood.
However, SHIB ETF talks are also on the agenda. The devoted SHIB community filed a petition with Grayscale CEO Michael Sonnenshein to create a SHIB ETF, considering SHIB’s compliance with the Howey test. This could be a big step towards overcoming regulatory challenges. In this context, it is likely to make investing in SHIB more accessible.
SHIB Current Price Snapshot
SHIB is trading at $0.00001266, increasing by 3.78% in the last 24 hours. The 76.63% increase in trading volume, along with the overcoming of the $0.000014 resistance, increased the optimism of investors. Derivatives data points to an upward trend with an increase in open positions and trading volume. This shows that investors’ interest in long positions has increased.
Investors seem to be increasing their expectations for the price to rise further. However, the Relative Strength Index (RSI) is pointing in the overbought zone, indicating a potential correction. However, despite this warning, hopes for the Shiba Inu’s future performance are high and the market seems to be in a positive mood.
Is Shiba Inu Heading Toward $0.0005?
Telegaon predicts a bright future for Shiba Inu (SHIB). It predicts that it will surpass the $0.0005 mark by 2029 and reach a peak price of $0.000588 for the year. However, they pointed out the large supply as a major hurdle affecting the price of SHIB. However, there are rumors that the SHIB team has developed a new burning mechanism that could destroy billions of tokens every year. If this mechanism is effective, especially in a bullish market, it could enable SHIB to reach the $0.0005 target and beyond.
