After months of consolidation, Shiba Inu (SHIB) is making a remarkable comeback with a strong uptrend. A 1,682% surge in its burnings in a day raises questions about a new growth phase for the meme coin. Will SHIB finally overthrow its historical rival, Dogecoin?
The figures recently published by Shibburn.com platform are simply staggering. In just 24 hours, nearly 1.25 million SHIB tokens have been removed from circulation, representing a phenomenal increase of 1,682% compared to the previous day. Over a week, more than 21 million have been burned.
This surge in burning activity reflects strengthened bullish momentum within the Shibarium ecosystem. Demand for SHIB and BONE tokens, used as currency on the blockchain, is intensifying. Data from DefiLlama shows a 3.8% increase in Total Value Locked (TVL) on Shibarium over the past three weeks, reaching $1.6 million.
This excitement around Shiba Inu comes as the crypto market appears ready for a new bullish phase. With anticipated interest rate cuts in the United States, investors are repositioning themselves in risk assets like SHIBA.
Technically, SHIBA is testing the upper resistance of a symmetrical triangle formed since last May. A breakthrough could generate a potential gain of 95%, reaching $0.0000175 or even $0.000025. To compete with Dogecoin, the rally would need to exceed 365%, hitting $0.000060, an ambitious target given the already solid adoption of DOGE.
Despite Dogecoin’s head start, Shiba Inu has assets to continue its progression. The constant growth of its ecosystem gives SHIB strong medium-term appreciation potential, making it crucial for savvy investors to monitor the upcoming developments of the project.
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