Shiba

FOMO

Bull Market

Dogecoin

Shiba Inu

<p>The price of popular memecoin Shiba Inu (SHIB) has spiked over 11% today, extending its recent uptrend. Both technical factors and fundamentals appear to be aligning to fuel this latest SHIB rally.</p>
<h2 class="wp-block-heading" id="breaking-out-of-falling-wedge">Breaking Out of Falling Wedge</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="510" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-1024x510.png" alt="" class="wp-image-374983" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-1024x510.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-300x149.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-768x382.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-1536x764.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-2048x1019.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-301x150.png 301w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-100x50.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-703x350.png 703w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278-788x392.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-278.png 1447w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>According to crypto analyst Breakout_Crypto, SHIB has <a href="https://twitter.com/SandySingh92887/status/1723252599741468847?t=fxUMwloC18wCB-QbWREikQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">now confirmed</a> an upside breakout from a falling wedge pattern on the weekly chart. This classical bullish chart pattern indicates a reversal of the prior downtrend. With <a class="wpil_keyword_link" href="https://captainaltcoin.com/shiba-inu-price-prediction/" title="SHIB" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">SHIB</a> decisively breaking wedge resistance, further gains could be ahead.</p>
<h2 class="wp-block-heading" id="burn-rate-spikes-over-1300">Burn Rate Spikes Over 1300%</h2>
<p>Fundamentally, a huge spike in the SHIB burn rate is also providing a tailwind. As noted by Shib Spain X, an anonymous whale <a href="https://twitter.com/ShibSpain/status/1722994530650050593?t=n1YbCW_QAQa-Z3xTMV0cXw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">recently burned</a> 140 million SHIB – the largest single burn in months. This caused the overall burn rate to skyrocket 1351% higher, drastically reducing circulating supply. With demand increasing and supply shrinking, upward pressure on the SHIB price is growing.</p>
<h2 class="wp-block-heading" id="fomo-kicking-in">FOMO Kicking In</h2>
<p>The technical breakout and supply squeeze seem to be kickstarting a new wave of FOMO, or “fear of missing out” as noted by analyst <a href="https://twitter.com/BezosCrypto/status/1723256999373390323?t=FgvE69i2EiNy9F0wSBD1zQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">SHIB Bezos.</a> As the SHIB price climbs swiftly, more traders are likely to jump in for fear of missing the ride higher. This type of bullish sentiment feedback loop could allow the rally to feed on itself in the near term.</p>
<h2 class="wp-block-heading" id="patience-paying-off">Patience Paying Off</h2>
<p>SHIB Craft also highlights the virtues of patience for SHIB investors. Despite choking on a zero last year, appetite for SHIB remains strong. With upcoming launches like Shibarium supporting use cases, the SHIB Army community continues holding faith. Their patience now appears to be paying off, with SHIB poised to burn more zeros ahead amid its resurgence.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/are-meme-coin-kings-dogecoin-doge-and-shiba-inu-shib-late-for-the-party/" target="_blank" rel="noopener noreferrer nofollow">Are Meme Coin Kings Dogecoin (DOGE) and Shiba Inu (SHIB) ‘Late for the Party’?</a></li>
 <li><a href="https://captainaltcoin.com/why-solana-sol-will-continue-to-be-one-of-the-biggest-movers-during-this-bull-market/" target="_blank" rel="noopener noreferrer nofollow">Why Solana (SOL) Will Continue to be One of the Biggest Movers During This Bull Market</a></li>
 <li><a href="https://captainaltcoin.com/here-are-two-tokens-set-to-skyrocket-in-price-in-the-upcoming-months/" target="_blank" rel="noopener noreferrer nofollow">Here are Two Tokens Set To Skyrocket in Price In The Upcoming Months</a></li>
</ul>
<p>In summary, the stars are aligning for SHIB both technically and fundamentally. The breakout, supply squeeze, and renewed hype have set the stage for SHIB to potentially eclipse its previous all-time high in the coming months.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-shiba-inus-shib-surging-today-technicals-and-fundamentals-align/" rel="noopener noreferrer nofollow">Why Is Shiba Inu’s SHIB Surging Today? Technicals and Fundamentals Align</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is Shiba Inu’s SHIB Surging Today? Technicals and Fundamentals Align

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