Trading at $0.00001355, Shiba Inu (SHIB), , has confirmed multiple bullish signals with a recent falling wedge breakout, hinting at further gains.
Hey, you. Shiba Owner. This could be the big one.
Shiba Inu shook up 2021’s crypto scene, driven by pivotal moments. Famously, Vitalik Buterin of Ethereum fame torched 90% of his SHIB holdings, which were half of the total, slashing supply and sparking a value surge.
Moreover, SHIB benefited from a wider market mania, so what will be the catalyst this time?
The Potential of a Token Burn: Can It Revive Shiba Inu?
Since cresting at $0.00008616 in October 2021, Shiba Inu has nosedived over 84%, a steep drop even for a memecoin.
SHIB isn’t alone in its slide; the entire crypto market has been hammered since 2021, with BTC being one of the few major assets to break new all-time highs.
Do you think they are burning for your sake? One day, I asked #SHIB partners, or those who claim to be Shiba developers, to burn #shib tokens, and the response was, ‘You burn them if you want.’
How can I burn tokens when I haven’t made millions in profits from using the Shiba… pic.twitter.com/NEPieAo3ro— Shiba Arab army™ (@Labib_co) September 4, 2024
One of the catalysts that could send Shiba back to its all-time highs is a new token burn.
With 589 trillion tokens circulating, a 50% burn would reduce the count to 294.5 trillion.
If the market cap holds at $8.01 billion, slashing SHIB’s supply could lift its price to $0.000027, a 98.5% ascendance. Yet, this wouldn’t reach its old highs, hinting that burn can only do so much.
SHIB’s Technical Analysis
SHIB’s 20-day SMA is nudging upwards and nearing the 200-day SMA, which might confirm a bullish trend.
A drop below could, however, mean a devastating September… as could be the case for many crypto assets.
The RSI is sitting at 69.83, nearing the overbought zone, suggesting SHIB’s rally might be stretched. A break above 70 could lead to a short-term correction before the next upward surge.
Additionally, the MACD’s position above the signal line and a positive histogram indicate brewing bullish momentum.
All in all Shiba Inu’s price action looks great for September. Yet, a major macro catalyst like a token burn is what takes it over the edge to a new all-time high.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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