In the past 24 hours, between October 1 and 2, the Shiba Inu burn rate has attracted the cryptocurrency community’s attention as it’s up by 940%.
This surge has ignited discussions about the potential future of SHIB’s value. Many investors are now pondering the possibility of SHIB reaching the notable milestone of $0.10.
Shiba Inu Sent Millions of SHIB Tokens to ‘Dead Wallet,’ What Does it Mean for the Asset?
A site that tracks SHIB token burns, Shibburn, revealed that in the past 24 hours, many SHIB tokens have been sent to the dead wallet. According to the site, the burning occurred across 22 different transactions.
One transaction alone wiped out 50 million SHIB tokens from circulation, increasing the burn rate.
In the past 24 hours, there have been a total of 121,739,771 $SHIB tokens burned and 22 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/DMf4icnacM
— Shibburn (@shibburn) October 1, 2023
This increase in the burn rate is simultaneous with the activity in the Shiba Inu layer-2 scaling network, Shibarium. The network hit a high new transaction record shortly after returning online.
The tool for checking the Shibarium network, Shibariumscan, recently shared some interesting stats. Today, October 2, the Shibarium network has recorded over 3.2 million transactions, with over 930,000 blocks and 1.2 million wallet addresses.
Source: Shibariumscan
Meanwhile, the increase in burn rate is generally viewed as a positive sign for SHIB’s price. As more SHIB tokens are burned, it reduces the overall supply, potentially increasing scarcity and demand. This can put upward pressure on the price.
Additionally, the surge in the Shibarium network indicates a growing interest and participation in the Shiba Inu ecosystem. This can also contribute to a potential price increase. However, it’s important to note that while these factors are positive indicators, various other market forces can influence SHIB’s price.
Recent Adoption Can Boost Investor’s Confidence, Increasing Demand and Price
Despite the massive SHIB burning, the coin’s price has not been significantly affected. However, the increasing adoption within the Shiba Inu ecosystem could help increase SHIB’s price. Also, the Shiba Inu team has recently been pushing hard with partnerships and collaborations to widen its popularity.
For instance, on September 26, HSBC partnered with FCF PAY to allow customers to settle their loan bills and mortgages using cryptocurrencies. Interestingly, Shiba Inu’s native asset, SHIB, was among the list of cryptocurrencies listed.
HSBC customers!
We are delighted to announce that @HSBC users are eligible to pay their mortgage bills and loans with cryptocurrencies through FCF Pay.
Some of the accepted cryptocurrencies you can pay with:
Bitcoin, Ethereum, Binance Coin, Ripple, Doge, Shiba Inu + Many more!… pic.twitter.com/SEzcveJ5vq
— FCF PAY – Blockchain Payment System (@fcfpay) September 26, 2023
The Shiba Inu community is excitedly keeping an eye on the developments, hoping for the possibility of a price increase going up.
Shiba Inu Price Analysis – Will SHIB Hit $0.10 Price Level?
At 7:00 a.m. EST today, October 2, SHIB is trading at $0.00000756. According to CoinGecko data, the coin is up by almost 2% in the last 24 hours.
Also, in the past 7 and 14 days, SHIB has been gaining by 2.9% & 3.8%, showing that buyers have been consistently holding their position.
Considering this current price movement, Shiba Inu could hit $0.10 soon. Furthermore, technical indicators reveal some potential bullish moves in the chart.
Technical Indicators Signals Bullish Momentum, What’s Next?
According to the daily chart, SHIB/USDT has been on a bearish trendline since August 12. However, on September 11, the coin hit a strong support level ($0.00000700), where the price rebounded. Since then, there has been a positive outlook in the chart.
Today, the coin signals bullish sentiment as it approaches the upper Donchain channel. Also, the MACD is above the signal line, and the histogram bars are green bars confirming the bullish trend in the market.
Furthermore, the Relative Strength Index is at 53, heading toward the overbought zone. Generally, this analysis indicates potential bullishness in the coin’s trend. However, reaching $0.1 depends on market conditions, trading volumes, and broader crypto trends.
Key Shiba Inu SHIB Price Levels
Shiba Inu SHIB is going toward its previous resistance level at $0.00001180. This point is a critical level where price movement may face a significant challenge. If more buyers enter the market, SHIB could break above this region, triggering a massive bullish sentiment and potentially sending SHIB to $0.10.
But it’s important to note that SHIB currently has a support level at $0.00000590. If the asset price returns from the resistance level of $0.00001180, it will fall to $0.00000590. But while uncertainly hovers around SHIB, investors can soon diversify to a new meme coin on presale at an affordable price for potential profit.
New Crypto Project Launches Presale and Staking
Visit Meme Kombat Presale
Meme Kombat is the latest meme coin in the space, aiming to create a unique and engaging gaming experience. The project’s private sale started on September 21 and has been hitting milestones, attracting more buyers. Its whitepaper describes Meme Kombat as a gaming platform that combines memes and competitive battles.
Meme Kombat allows players to bet tokens on battle results, creating a play-to-earn element and chances for passive income through yield farming. In the presale phase, token holders can already stake them, offering an annual yield (APY) of 112%.
Crypto Expert’s View on Meme Kombat
Visit Meme Kombat Presale
Due to its performance, the project has attracted big names in the crypto space, like YouTuber Joe Parys Crypto. Recently, the YouTuber with over 382,000 subscribers included Meme Kombat in his top 2024 meme coins.
Another day, another excellent review. This time by @JoeParys
Check it out here https://t.co/QD5NQ9NZ5u
— Meme Kombat (@Meme_Kombat) September 29, 2023
Another prominent crypto influencer, Jacob Bury, sees it as a potential asset to consider. Also, Crypto Gains predicted Meme Kombat to grow potentially by 10x.
As of today, October 2, the project has raised over $213,000 in its presale in less than a month. The token is selling at $1.667 for each Meme Kombat token. Visit the official presale site to purchase the coin before the presale ends.
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