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The Shiba Inu price rose by a fraction of a percentage in the last 24 hours to trade at $0.00002716 as of 11:37 p.m. EST on trading volume that dropped 22% to $522 million.
This comes as reports show that over 15 billion SHIB tokens were burned in March alone, which led to a 2,330% surge in the burn rate. The extensive burning of tokens to reduce supply continues to propel SHIB, which has soared 182% in the past three months.
SHIB Burn Rate Skyrockets.
March saw a massive 2,300% increase in Shiba Inu token burns, with 15.5B tokens destroyed.
This comes amid significant advancements in Shibarium, SHIB's layer-2 solution, poised to boost the ecosystem further.
Today's dip, SHIB is up 40% monthly. pic.twitter.com/Ed2OIHCjNj
— IBC Group Official (@ibcgroupio) April 3, 2024
Shiba Inu Price Bullish Sentiment Continues To Prevail
The Shiba Inu price has remained at a consolidation level since December of last year, trading within the $0.000010 range. However, in March, it appears that the SHIB bulls may have gained the upper hand in the struggle for dominance, propelling the price up to $0.00004581.
Despite bullish momentum, the bulls couldn’t sustain their upward stance. The bears took control of the price, pushing it down to around the $0.000023 support level. These price fluctuations within this range led SHIB to trade within the boundaries of a symmetrical triangle, with the aim of breaking out above.
SHIB is now sitting below $0.000028, which was an important support level for the coin. However, bears have been able to turn this price point into resistance, which makes it the level to beat for the meme coin in the future.
SHIB trades below both the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bearish action below the $0.000030 level.
Additionally, the Relative Strength Index (RSI) is rebounding towards the 50-midline level at 47, which indicates that traders are buying. If the bulls sustain the momentum, SHIB’s RSI could cross over to the 70-overbought region, signaling intense buying pressure.
Shiba Inu Price Prediction
The bullish trend in Shiba Inu’s price remains strong as the bulls aim to overcome the $0.000028 hurdle to soar the price higher above the symmetrical triangle pattern. SHIB bulls are poised to push the price higher, targeting $0.000044.
However, the 50-day SMA crosses below the 200-day SMA, forming a death cross at $0.000029. A death cross may signal a bearish outlook. This will potentially drive the price down and prompt bulls to retreat towards the $0.0000219 support zone.
Meanwhile, investors are also piling into the DOGE20 presale as it offers a final chance to buy ahead of its launch on International DOGE Day on April 20.
Dogecoin20: Best Alternative to Shiba Inu
Dogecoin20 (DOGE20) is one of the most talked-about and searched meme coins in the market. Positioned as an upgraded version of Dogecoin, it aims to offer improved features and functionalities.
The project, which embody the ethos of “Do Only Good Every Day,” aims to be a greener, more versatile alternative to the biggest meme coin by market capitalization.
Getting ready for the ultimate #DOGE upgrade! 🛠️
We're propelling @elonmusk’s beloved #Memecoin towards a greener horizon. 🌿
Diving into the possibility of staking #DOGE20 and reaping environmentally-friendly rewards. 💸🌍 pic.twitter.com/zMino37jCV
— Dogecoin20 (@DOGE_COIN20) March 22, 2024
Stake For 56% Annual Rewards, Buy Now Before Doge Day
As the first upgrade to Elon Musk’s favorite meme coin, the token adds utility for its holders via a staking mechanism that offers an annual percentage yield (APY) of 56%.
April 20th is designated as International Doge Day, with reports of it being Elon Musk’s favorite day. With the launch coming in on this day, the team is set to capitalize on the buoyant sentiment around DOGE at that time.
According to Jacob Bury, a crypto analyst and YouTuber, Doge20 could soar up to100X after launch.
Given the development team’s decision to extend the presale following a blowout $10 million fundraising in a matter of weeks, those interested in purchasing tokens should act quickly as the extension could end at any time.
You can buy DOGE20 tokens from the official website here. Each token costs $0.00022 and payment options include ETH, USDT, or a bank card.
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