Shiba Inu Coin About to Explode?
Shiba Inu Coin has reached a seven-month high, with a market cap exceeding $17 billion. After a three-week pullback, Shiba Inu Coin has strongly recovered, rising 30% in the past week, becoming the leader in the meme coin market that day, with its daily chart showing a strong bullish pattern.
The burn rate of Shiba Inu Coin has surged by 2200%, with approximately 14.58 million Shiba Inu tokens burned that day, and about 50.06 million tokens burned over the past seven days. The reduction in token supply has changed the market's supply and demand dynamics, enhancing investors' expectations for its price increase.
Currently, Shiba Inu Coin has broken through the key level of $0.000031, with the main technical resistance for bulls located at $0.000046. If it can successfully break this point, Shiba Inu Coin may welcome a larger upward trend.
What do you think?