The burn rate of SHIB soared by 1,682% in one day - Shiba Inu price predictions can now challenge leading meme coins.
As traders turn to altcoins before a potential change in US interest rates, Shiba Inu (SHIB) has started to heat up again - sparking new bullish price predictions for Shiba Inu.
This week, this popular meme coin has risen by over 6%, and the deflationary tokenomics along with macro tailwinds have created the perfect conditions for further increases.
The market currently believes there are only 8 days left until the US interest rate cuts, with a 100% probability of a rate cut, and the benchmark rate may reach 75 basis points by the end of the year, which could stimulate new demand for risk assets like SHIB.
SHIB burn rate surged by 1,682%
Increased activity in the Shibarium ecosystem has accelerated its burn mechanism, surging by 1,682% during Monday's trading session.
According to a post by Shibburn X, nearly 1.25 million SHIB were withdrawn from circulation in the last 24 hours, bringing the weekly total over 21 million.
The spike reflects not just the scarcity of the token. It highlights the growing demand for SHIB and BONE as utility tokens supporting trading and applications on Shibarium.
DefiLlama data reflects the growth of the new ecosystem, with total locked value (TVL) increasing by 3.8% over the past 3 weeks, recovering 1.6 million.
This marks a turning point after months of decline, with interest rate cuts enhancing risk appetite, preparing for Shiba Inu's rebound.
Shiba Inu Price Analysis: Can SHIB Challenge Dogecoin
Shiba Inu may soon narrow the gap with Dogecoin as it is set to retest a symmetrical triangle, having been in a consolidation phase since peaking in mid-May.
As its lower support level has been confirmed as a launch pad and momentum indicators have turned bullish, attention now turns to the upper resistance level near $0.000014.
RSI found strong support above the neutral line at 55, indicating that buyers are driving the current market trend.
The MACD line also formed a golden cross, surpassing the signal line, marking the largest increase since early August, suggesting that the upward trend may continue for a longer time.
A confirmed breakout will open the door to reclaim the triangle high near $0.0000175, with a final target of $0.000025, representing a potential gain of 95%.
However, to truly challenge Dogecoin, SHIB needs to sustain its momentum by 365% to reach $0.000060.
This path remains unclear. Dogecoin's positioning is to achieve deeper integration with TradFi through corporate bonds and potential spot ETFs, while Shiba Inu has not yet gained similar applications.
In an institution-led market cycle, Dogecoin's leading advantage might solidify its crown as the top meme coin. Nevertheless, as the bull market matures and the ecosystem continues to develop, SHIB still has room to rise.
