Shiba Inu Price Pumps As Burn Rate Skyrockets. What Can We Expect Next?

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Shiba Inu (SHIB) has witnessed a pump in price as a result of a significant increase in its burn rate propelled by Akai Token ($AKAI).

In a calculated maneuver, Akai Token executed a bold move by transferring 804 million tokens to an inactive wallet resulting in a 8,900% surge in the burn rate within 24-hours.

In the last 12 hours, $AKAI has burnt 9000$ worth of $SHIB pic.twitter.com/LgFAzx5VXf

— Akai | Burn $SHIB (@AkaiShibarium) July 10, 2023

As of 11:49 EST, Shiba Inu is trading at $0.00000766, up 1.9% in 24 hours on a trading volume of $77 million.

Shiba Inu Breaks above the Descending Channel

SHIBUSD Price Analysis. Source: Tradingview.com 13/7/2023 — SHIBUSD Price Analysis. Source: Tradingview.com

After a prolonged downturn characterized by the formation of lower lows and lower highs, the price of SHIB has finally broken above the descending channel. This breakthrough has brought good news for the bulls in the market, as the channel has presented two opportunities for them to enter and drive the price upwards.

One of these opportunities arose from forming a double-bottom pattern along the channel’s lower trendline at $0.00000597. This pattern created a favorable scenario for bullish traders to enter the market, resulting in an upward push of the price within the confines of the channel. Coupled with the SHIB burn rate, bulls were able to drive the price up to the channel’s upper trendline at $0.00000841.

However, bullish traders now have another chance as the price of SHIB has reached the channel’s upper trendline, forming a triple top pattern. Typically, traders view this pattern as a signal to enter the market with buy trades. The formation of this pattern has resulted in a breakout of the price, offering buyers an opportunity further to drive the price toward the next resistance level of $0.00001528.

Shiba Ina Bulls Propel Price Along an Up Trendline

SHIB INU Chart Analysis. Source: Tradingview.com 13/7/2023 — SHIBUSD Chart Analysis. Source: Tradingview.com

According to the chart above, the current market situation shows bullish momentum pushing the prices along the short upper trendline. This movement reveals a potential minor double-bottom pattern, which could lead to further price increases above the critical resistance level at $0.0000814.

It is worth noting that the price of Shiba Inu is currently trading below both the 50-day and 200-day moving averages. Nevertheless, this scenario potentially presents an opportunity for buyers to drive the price above the 50-day moving average.

Additionally, the relative strength index (RSI) is currently trading at 48, suggesting a neutral stance between the oversold level (30) and overbought level (70) in the SHIB market. This neutrality creates an opportunity for prices to potentially surge towards the overbought region, resulting in significant price spikes.

Conversely, the 50-day moving average could exert strong resistance, potentially causing the price to retreat and fall below the previous support level within the descending channel. In such a scenario, traders and investors should actively seek entry opportunities while remaining vigilant to potential downward price movements.

Investors eagerly anticipate a favorable opportunity to enter the Shiba Inu market, but Ecoterra has emerged as a more enticing option. Ecoterra recently concluded its presale funding, successfully raising an impressive sum of over $6.2 million. With the token’s impending listing on exchanges, now might be an ideal moment to consider investing in Ecoterra, potentially reaping substantial profits.

Ecoterra ($ECOTERRA) Presale Funding Ends

Ecoterra, a groundbreaking crypto ecosystem, is introducing a pioneering Recycle-to-Earn (R2E) platform that users can already sign up for. Additionally, it includes a marketplace for carbon offsets and recycled materials and a platform for sustainability education. Recognized for its innovative approach in the green web3 space, Ecoterra has already received awards.

🌿🌍 Join ecoterra to make a positive impact on the environment! Our solution includes:

📲 Mobile app for easy recycling
💎 #Token rewards for eco-friendly actions
🌱 Green education platform
♻️ Carbon credit #NFTs for offsetting emissions

Let's build a greener future! 💚 pic.twitter.com/CEe8H4dhfW

— ecoterra (@ecoterraio) July 13, 2023

Ecoterra aims to create a groundbreaking platform that incentivizes and rewards users for embracing eco-friendly actions. To secure early funding for its development, the project has been conducting a highly acclaimed presale of its native $ECOTERRA token.

The presale phase of Ecoterra has already concluded, leaving environmentally-conscious crypto investors who missed out with no other option but to patiently wait for the token to be listed on major centralized and decentralized exchanges. This listing process may lead to higher token prices.

🎉🔚 Our $ECOTERRA Presale has OFFICIALLY ENDED, and it was a resounding success!

Thank you all for your support and participation

Stay tuned for updates on our exchange listings. Keep following us for exciting news and developments!#CryptoCommunity #Blockchain pic.twitter.com/ZIJhB3fjeq

— ecoterra (@ecoterraio) July 12, 2023

Missed Presale, Await Token Listing

The exciting news is that $ECOTERRA is scheduled to be listed on LBank and BitMart at 10:00 UTC on Friday, July 14th. This listing on reputable exchanges opens up new opportunities for investors to engage with the project and support its environmentally focused mission.

Subsequently, presale investors can claim their pre-purchased $ECOTERRA tokens, which will also be available for trading on Uniswap, the largest decentralized exchange. Market analysts have predicted significant upside potential for $ECOTERRA once it lists on exchanges, considering the success of the presale, which has raised $6,287,859, and the project’s compelling value proposition.

📣 We’re thrilled to announce that $ECOTERRA will be available to trade on @Uniswap, one of the leading decentralised exchanges in the crypto space 🛸

⏰ 10:00 UTC, 14/07/23

Get ready and stay tuned for the link to the liquidity pool!#DEX #Exchange #Listing #Token pic.twitter.com/sbGbaZ0TAa

— ecoterra (@ecoterraio) July 12, 2023

$ECOTERRA serves as the core utility token for the ecoterra platform, offering a range of built-in functionalities. Apart from being the primary medium of exchange on the platform, holding $ECOTERRA grants users exclusive benefits such as VIP access to real-world events, educational programs, and more.

In addition to its immediate utility, the development team behind ecoterra plans to introduce a staking protocol in the future. This staking feature will enable $ECOTERRA holders to generate income passively from their token holdings, giving investors an extra incentive to hold onto the tokens.

With a maximum token supply of 2 billion and a presale price of $0.01, the implied fully diluted market cap of $ECOTERRA stands at $20 million. Renowned British crypto presale analyst Jacob Crypto Bury is optimistic about $ECOTERRA’s future prospects, suggesting the potential for a 10x increase in value upon its launch across various cryptocurrency exchanges later this year.

Such growth could push the cryptocurrency’s market cap to $200 million. However, if ecoterra establishes itself as a leading green project within the web3 ecosystem, there is potential for a multi-billion dollar market cap in the years to come. Ecoterra will be listed on exchanges at a price of $0.12.