Shiba

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Shiba Inu

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Popular cryptocurrency analyst Ali Martinez recently shared a post about <a href="https://en.coin-turk.com/shiba-inus-shibarium-continues-to-expand-burning-millions-of-shib-tokens/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba</a> Inu. Despite Shiba Inu (SHIB) having remained relatively calm during altcoin increases seen in other altcoins in the last two weeks due to the rise in <a href="https://en.coin-turk.com/bitcoin-whales-attack-these-altcoins-investors-beware/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>, he emphasized that SHIB has achieved significant growth in recent months. Martinez pointed out that the value of SHIB has increased by 55% in the last three months, indicating a strong price movement.
<h2 style="text-align: justify" id="current-status-of-shiba-inu">Current Status of Shiba Inu</h2>
The increase in the SHIB price can be linked to the overall state of the broader cryptocurrency market, which started a significant rally when Bitcoin exceeded the $40,000 level for the first time in a year at the end of October and the beginning of November 2023. This sense of increase was reflected in SHIB and other altcoins in the crypto market.
Along with the increase in Bitcoin’s price, there was also a significant increase in the burning rate of Shiba Inu. The burning processes in tokens permanently remove them from circulation and potentially reduce the supply, which increases the demand for the token.
The burning process that occurred specifically in SHIB gained more importance recently with the burning of more than 8.2 billion SHIB. What made this situation important was the burns carried out through Shibarium. This was directed to initiatives like ShibBurn from Shibarium. All these events created a significant support in the recent increases in the SHIB price.
<h2 style="text-align: justify" id="future-of-shiba-inu-shib-coin">Future of Shiba Inu (SHIB) Coin</h2>
While Martinez believes that more growth is possible for SHIB, he drew attention to a significant resistance zone that could potentially hinder the memecoin’s upward movement.
The analyst also pointed out that approximately 90,000 SHIB addresses currently own more than 422 trillion SHIB with purchases at and above $0.000016, which could cause a concentration in the memecoin.
These SHIB whales may be pressured to sell their coins, even though they are currently holding onto them despite their losses. If they make a sale, the market’s buying points will fall. This situation could lead new investors with decreased purchase costs to lower the price.
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-287590" src="https://coin-turk.com/wp-content/uploads/2023/12/ali-charts-shiba-inu-fiyat.jpg" alt="" width="547" height="493">
Many whales have formed within the Shiba Inu community in recent months as more than 4 trillion SHIB have been transacted multiple times. Some of these whales may be looking for opportunities to sell their coins, and this could be turned into a perfect opportunity in terms of SHIB’s current increase.
There was an impressive 18% rise in the SHIB price over the last seven days. However, after this rise, the altcoin lost its momentum and dropped back below $0.00001 as of writing. Continue Reading: <a href="https://en.coin-turk.com/analyst-ali-martinez-highlights-growth-in-shiba-inu-coin-despite-crypto-markets-recent-instability/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/analyst-ali-martinez-highlights-growth-in-shiba-inu-coin-despite-crypto-markets-recent-instability/</a>

Analyst Ali Martinez Highlights Growth in Shiba Inu Coin Despite Crypto Market’s Recent Instability

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