FXEmpire.com -
Shiba Inu (SHIB) price has maintained a positive price performance so far in February 2024. Fresh developments within the second-largest memecoin ecosystem has seen SHIB token burn rate record a noticeable spike on Thursday Feb 2022.
Can the bulls capitalize on the rare market phenomenon to drive another SHIB price breakout from it current consolidation phase?
Burn Rate Surges 4,200% Amid SHEboshi Hype
SHIB price has managed to defend the $0.00009 support despite other rival memecoins including DOGE and PEPE recording significant downturn this week.
On-chain data trends suggest that the boost in SHIB burn rate has been pivotal to the Shiba Inu’s resilient price action Insights culled from the unveiled by the meme coin’s official Shibburn tracker showed a staggering 4205% surge at press time on February 22.
This comes as Shiba Inu team introduces fresh initiatives to continues showcasing efforts to support Shiba Inu’s tokenomics.
The latest SHIB burn spike has been driven by the launch of SHEboshi, an ERC-404 token standard, aimed at revolutionizing the Shiba Inu’s ecosystem, facilitating the burning of SHIB, BONE, and LEASH, among many other features introduced.
The constant burning of SHIB is a built in mechanism designed to systematically reduce the meme coin’s circulating supply.
When the burn rate spikes dramatically as observed above, strategic investors interpret it as a bullish signal for a number of reasons. Firstly, its signals intense on-chain activity within the network. Secondly, the reduction in market supply, albeit minimal, improves investor sentiment in the short term.
With approximately 86 million SHIB destroyed in the last 24 hours, it appears the community has received the Sheboshi project launch positively.Shiba Inu Price Forecast: The $0.00001 Resistance Could Soon Cave
After multiple bullish attempts by Shiba Inu LONG traders in recent weeks, the $0.00001 price resistance has weakened. If the SHEboshi hype generates positive market momentum as predicted. Investors can anticipate a major upswing toward $0.000015 in the coming weeks.
However, the Bollinger Upper Band currently shows that the SHIB price face a major obstacle at the $0.000011 area in the event of a price uptrend.
But on the downside, the bull can count on the support buy-wall at the 20-day SMA price of $0.000095 to prevent a major downswing.
This article was originally posted on FX Empire
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