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Shiba Inu coin (SHIB), a popular meme-coin, has recently shown bullish behavior, with a notable upward trajectory over the last month. It breached the $0.0000095 resistance barrier and has mostly stayed above this level. In the last 24 hours, SHIB's price increased slightly by over 1%, now at $0.000009807.
This cryptocurrency price movement indicates positive momentum and potential for further growth. SHIB's bullish trend aligns with the overall market sentiment, where cryptocurrencies are experiencing increased interest and investment
Throughout the previous week, Shiba Inu's valuation fluctuated between $0.0000095 and $0.0000098, indicating a positive trend and a robust bullish pattern. With a market capitalization of around $5.80 billion, Shiba Inu ranks 17th among digital currencies, as per the latest CoinMarketCap data.
The 24-hour trading volume has seen a 25% increase, currently standing at $161 million, reflecting heightened trader interest. The market is experiencing increased buying activity, and with strategic token burns and the upcoming launch of Shibarium, the platform is poised for further gains.
Shiba Inu is currently facing a significant resistance level as it nears $0.00001, a historically decisive barrier. This price range is marked by a strong resistance wall, with many crypto price investors aiming to break even at prices ranging from $0.00000950 to $0.0000140.
Despite this, there is potential for the resistance to be overcome, as 36% of SHIB custodians are currently in profit. The influx of new crypto holders could be key in breaking down this resistance, as new crypto wallet addresses have surged by 324% in the last 30 days, as reported by on-chain data from IntoTheBlock.
Recent price movements have shown a slightly bullish trend, with SHIB reaching daily highs of $0.00000987. This has contributed to a 5% increase in weekly gains. At the time of writing, SHIB is trading at $0.00000984 according to CoinGecko. Additionally, Shiba Inu's BONE token has also experienced slight gains, maintaining a position above the $0.60 support level.
Token burning by Shiba Inu has propelled it to a significant milestone of $0.00001, with an estimated 52 million SHIB tokens burnt to date. The burn rate has surged by 3,400%, becoming an aggressive deflation mechanism. This has led to a reduction of 410,708,459,364,680 tokens from the initial supply, indicating a growing scarcity of the token.
A higher burn rate signifies increased scarcity, potentially leading to a rise in price. This can be likened to an economic scenario where lower quantity attracts higher demand and, consequently, a higher price, while higher quantity attracts lower demand and a lower price.
Currently, SHIB is expected to encounter resistance at $0.000009, with bullish signals indicating a possible climb to $0.0000250 by year-end. Alternatively, price predictions suggest a touch of $0.0000235 before the next year. Shibburn has shown a 160% rise in the burn rate, hinting at a substantial potential increase in the token's value.
The success of K9 and Shiba Inu hinges largely on the rollout of Shibarium, which is expected to achieve significant milestones in transaction volume and value. The partnership gains further traction with K9's announcement of launching the KNINE token in the upgrade, allowing holders to receive rewards in BONE, contingent on confirmed transactions.
K9 Finance, the developer behind the Shibarium ecosystem, has officially scheduled the launch for March 7, 2024. With SHIB already nearing $0.00001, successful implementation could mark a significant milestone for the token.
Following a successful presale of KNINE tokens, the K9 Finance Decentralized Autonomous Organization (DAO) announced on January 31 that token generation would be their next major event. The team is now preparing to make the code available for bug checks and audits by deploying it on the Hesperocyoniae testnet.
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