The Shiba Inu price pattern indicates a 190% increase with a burn rate increase of 234,584% 🚀🔥
Shiba Inu (SHIB), the popular cryptocurrency, has returned to the spotlight, as technical charts and network activity indicate a significant price increase. According to recent data, the consumption rate of Shiba Inu has surged an astonishing 234,584% in just 24 hours, paving the way for a potential price increase of 190%. 📈
What fuels the fire? 🔥
The massive increase in the burn rate means pulling a large number of SHIB tokens permanently out of circulation. This move aims to increase the scarcity of these tokens, which could lead to a rise in their value. Over 21 million SHIB tokens have been burned recently, contributing to the deflationary pressure that often supports bullish momentum.
Technical analysis: Bullish pattern 🐂
Market analysts have observed a classic bullish pattern forming on the SHIB stock price chart - a breakout from a descending triangle and surpassing key resistance levels. If the momentum continues, SHIB stock could target a gain of 190%, in line with previous historical breakouts.
Community buzz and market sentiment 💬
The SHIB community, known as the 'Shib Army', is buzzing with optimism. Social media platforms are flooded with excitement, and overall market sentiment seems to be trending positive, especially as altcoins gain momentum during the broader crypto recovery.
Caution is key ⚠️
While the numbers seem promising, it's important to note that cryptocurrency markets are highly volatile. Sudden shifts in investor sentiment, macroeconomic news, or Bitcoin's movement can quickly change the tide. Therefore, always ensure to do your own research before making investment decisions.
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Final thoughts
With the consumption rate increasing significantly and technical indicators aligning, SHIB stock may be on the verge of a massive surge. It remains to be seen if it will achieve its 190% target, but one thing is clear: Shiba Inu.
Heating up again. ♨️ #SHIB #BinanceAlphaAlert #ETHCrossed2500 #StrategyTrade #Crypto