The SHIB Burn Accelerates : A Price Catalyst ?
The data shows that the Shiba Inu burn rate has increased by 30% in recent days, reaching 2.01 million tokens in 24 hours. In total, over 410 trillion SHIB have been burned since the launch of the cryptocurrency.
This mechanism of voluntary burning, combined with tokens destroyed through fees on the Shibarium network, helps reduce the total supply of SHIB. This increased scarcity bodes well for the token’s valuation, potentially initiating a significant rebound in the weeks ahead.
Shibarium’s TVL Skyrockets
Simultaneously, the Total Value Locked (TVL) on the Shibarium network has surged by 24% in the last month, reaching $2.5 million. This growth is also evident on major DeFi platforms related to the Shiba Inu ecosystem, such as ShibaSwap (+37%), WoofSwap (+31%), and ChewySwap (+20%).
Shibarium Network TVL. Source: DeFiLlama
This momentum reflects the growing enthusiasm for decentralized applications built on Shibarium. Increased adoption of this Layer 2 network is expected to strengthen investor interest in Shiba Inu, driving prices higher.
Technically, Shiba Inu also shows promising signals. Despite being under pressure at present, it remains above a key support level at $0.00001235. This level has played a crucial role in recent months, serving as a solid price floor.
Source: TradingView
Furthermore, Shiba Inu has formed a “descending triangle” pattern on its daily chart. This technical pattern is generally seen as a bullish continuation signal. Breaking above the resistance at $0.00001560 could trigger a rally towards $0.00002215, representing around a 75% increase from current levels.
Shiba Inu, an Opportunity on Weex ?
With the acceleration of SHIB burns, the rise of Shibarium, and a favorable chart setup, Shiba Inu appears well-positioned to bounce back in the coming weeks. Informed investors should keep a close eye on this memecoin that could make headlines.
If you are considering buying Shiba Inu (SHIB), the platform WEEX allows you to do so with ease.
- Create a WEEX account by signing up in minutes.
- Deposit funds via credit card, bank transfer, or crypto transfer.
- Access the market and search for the SHIB/USDT pair.
- Complete the purchase and find the BTC tokens in your account.
Prior to any investment, it is always recommended to thoroughly research the market conditions and the risks involved. Above all, never invest what you are not willing to lose.
