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July 19, 2024
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Shiba Inu Market Signals: What’s on the Horizon for SHIB Price?

The post Shiba Inu Market Signals: What’s on the Horizon for SHIB Price? appeared first on Coinpedia Fintech News

In a surprising turn of events, the hype surrounding Shibarium may have faded, but the Shiba Inu coin’s burn rate has skyrocketed by an impressive 270% within the last 24 hours. This remarkable surge in the burn rate translates to a significant reduction in the total supply of Shiba Inu coins, potentially paving the way for increased demand. Many in the crypto community are seeing this as the catalyst and breakthrough moment that Shiba Inu needs.

While tokens within the Shiba Inu ecosystem, including SHIB, Bone, and LEASH, have experienced losses in line with broader crypto market trends, experts are suggesting that these short-term fluctuations could signal an upcoming shift in momentum. SHIB, for example, has seen a 6.85% decline in its seven-day performance, and LEASH and BONE have faced substantial losses, with the latter dropping over 22%. Despite these setbacks, there’s optimism in the air.

At present, SHIB is priced at $0.00000767, with a slight 0.1% dip in the last 24 hours and a 5.4% decrease over the past seven days. Meanwhile, ShibaSwap, the DeFi platform where SHIB, LEASH, and BONE are traded, boasts approximately $23.4 million in Total Value Locked (TVL). Over the past 24 hours, TVL has increased by 0.51%, although it has decreased by 10.95% over the week.

Why Analysts Believe SHIB’s Bear Cycle is Nearing Its End

Analysts examining the graphs and trajectories in the Shiba Inu community believe this trend may signify the end of the bear phase. Lucie, a content specialist, acknowledged the challenges of enduring losses but emphasized the team’s active efforts to enhance the ecosystem’s value. She highlighted the importance of Shibarium’s decentralized structure as a significant driver for growth and confirmed the team’s patient approach to project launches, prioritizing fairness and community well-being.

Regarding trading volumes, Lucie encourages long-term holding and Dollar-Cost Averaging (DCA). She referenced a chart illustrating Bitcoin’s historical pattern and suggested that bearish days could be coming to a close. Lucie also emphasized the positive correlation between Shiba Inu and Bitcoin.

Preparing for a Potential Bull Season

In conclusion, Lucie’s chart analysis urges the Shiba Inu community to prepare for a potential 33 to 35-month bull season following a 14-month bear market cycle, a pattern observed since 2014. The key takeaways for investors and traders are to closely monitor Shiba Inu’s trade volume and burn rate, as these indicators could signal a market shift. These insights are invaluable for both short-term traders and long-term investors alike.

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