Shiba

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Bitcoin

Shiba Inu

<p>The dog-themed Shiba Inu coin has been on the investors’ radar lately, especially amid a meme coin frenzy. However, amid the recent downturn momentum noted in the broader crypto market, the <a href="https://coingape.com/meme-coin/" target="_blank" rel="noopener noreferrer nofollow">meme coins</a> also noted significant dips. Despite that, there are some potential factors that could trigger a rally in the Shiba Inu price in the coming days.</p>
<h2 id="3-reasons-to-trigger-shiba-inu-price-rally">3 Reasons To Trigger Shiba Inu Price Rally</h2>
<p>Amid the recent dip in SHIB price, let’s explore the potential reasons that could fuel a price surge in the meme coin.</p>
<h3 id="technical-analysis">Technical Analysis</h3>
<p>The recent technical indicators signal a potential rebound in the SHIB price, sparking market optimism. For context, in a recent analysis, prominent crypto market analyst Ali Martinez shared a potential bullish momentum for the Shiba Inu coin in the coming days.</p>
<p>Ali Martinez, in a recent post on X, said that the recent TD Sequential chart indicates that the Shiba Inu coin is likely to witness a positive momentum in the coming days. In addition, he also said that the chart shows a “buy signal” on SHIB’s daily chart.</p>
<p>This analysis has bolstered market confidence while sparking discussions over a potential surge in the SHIB price.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GQGn6PIWEAADFBF?format=jpg&amp;name=4096x4096" alt="Shiba Inu Price Technical Analysis" width="753" height="515">
 <figcaption class="wp-caption-text">
  Source: Ali Martinez, X
 </figcaption>
</figure>
<p><strong>Also Read: <a href="https://coingape.com/shiba-inu-exec-spotlights-bone-listing-in-indonesia-price-to-rally/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu Exec Spotlights BONE Listing In Indonesia, Price To Rally?</a></strong></p>
<h3 id="shiba-inu-coin-burn-rate-frenzy">Shiba Inu Coin Burn Rate Frenzy</h3>
<p>The Shiba Inu burn rate has increased significantly over the past few days, removing a massive amount of <a href="https://coingape.com/shiba-inu-coin-bull-run-ahead-as-shib-burn-rate-spikes-further/" target="_blank" rel="noopener noreferrer nofollow">SHIB</a> from the supply. This burning move is usually seen as a positive move, as it typically decreases the overall supply which in turn leads to a surge in the crypto prices.</p>
<p>However, in the last 24 hours, the <a rel="noopener noreferrer nofollow" href="https://www.shibburn.com/" target="_blank">SHIB burn</a> rate noted a slump of 62.5%, with 39.87 million SHIB burnt. Despite that, the weekly burn rate skyrockets 667.17% to 398.53 million SHIB, indicating the increasing participation of the SHIB community significantly decreases the overall supply.</p>
<p>As of writing, the total circulating supply of SHIB was 583.18 trillion, with 410.72 trillion tokens burnt from the initial supply.</p>
<h3 id="reduced-supply-in-exchange-wallets">Reduced Supply In Exchange Wallets</h3>
<p>A recent report from on-chain analytics firm, Santiment, showed that Shiba Inu, Chainlink, and Ethereum have noted significant dip in supply from the top 10 exchange wallets. As per the report, <a href="https://coingape.com/shiba-inu-chainlink-ethereum-exchange-supply-plummets-price-recovery-ahead/" target="_blank" rel="noopener noreferrer nofollow">SHIB’s supply</a> reduced by 2.4%, while LINK and Ether’s supply slipping 2.9% and 8.9%, respectively.</p>
<p>Usually, these decreases in exchange reserves supply signals a bullish momentum for the cryptos. Considering that, along with the robust burn rate, market experts anticipate a potential surge in the SHIB price.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="" src="https://pbs.twimg.com/media/GP_A-gnaEAAusHC?format=jpg&amp;name=4096x4096" alt="Shiba Inu, Ethereum, Chainlink Exchange Supply" width="750" height="501">
 <figcaption class="wp-caption-text">
  Source: Santiment, X
 </figcaption>
</figure>
<h2 id="shib-price-performance">SHIB Price &amp; Performance</h2>
<p>Despite all these positive indicators, <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu price</a> fell 4.69% to $0.00002077, while its trading volume rose 42% to $476.37 million in the last 24 hours. From yesterday, the leading meme coin has touched a high of $0.00002076 and a low of $0.00001965, indicating the volatile scenario in the digital asset space.</p>
<p>On the other hand, the Shiba Inu Open Interest also noted a slump of 8.90% to $75.5 million, CoinGlass data showed. Besides, the SHIB’s <a href="https://coingape.com/glossary/rsi-relative-strength-index/" target="_blank" rel="noopener noreferrer nofollow">relative strength index (RSI)</a> stood around 36, which reflects the ongoing selling pressure over the meme coin.</p>
<figure id="attachment_202612" aria-describedby="caption-attachment-202612" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-202612" src="https://coingape.com/wp-content/uploads/2024/06/SHIBUSDT_2024-06-15_16-56-19.png" alt="Shiba Inu Price" width="751" height="300" srcset="https://coingape.com/wp-content/uploads/2024/06/SHIBUSDT_2024-06-15_16-56-19.png 1734w, https://coingape.com/wp-content/uploads/2024/06/SHIBUSDT_2024-06-15_16-56-19-300x120.png 300w, https://coingape.com/wp-content/uploads/2024/06/SHIBUSDT_2024-06-15_16-56-19-1224x489.png 1224w, https://coingape.com/wp-content/uploads/2024/06/SHIBUSDT_2024-06-15_16-56-19-768x307.png 768w, https://coingape.com/wp-content/uploads/2024/06/SHIBUSDT_2024-06-15_16-56-19-1536x614.png 1536w, https://coingape.com/wp-content/uploads/2024/06/SHIBUSDT_2024-06-15_16-56-19-150x60.png 150w" sizes="(max-width: 751px) 100vw, 751px">
 <figcaption id="caption-attachment-202612" class="wp-caption-text">
  Shiba Inu Price Chart
 </figcaption>
</figure>
<p>However, it’s worth noting that the price dips, and a lower RSI often allows investors to buy at a lower price, potentially bumping up the prices.</p>
<p><strong>Also Read:</strong></p>
<ul>
 <li><a href="https://coingape.com/ethereum-uni-price-soars-amid-20m-accumulation-rally-to-sustain/" target="_blank" rel="noopener noreferrer nofollow">Ethereum &amp; UNI Price Soars Amid $20M Accumulation, Rally To Sustain?</a></li>
 <li><a href="https://coingape.com/australia-spot-bitcoin-etf-to-start-trading-on-asx-stock-exchange/" target="_blank" rel="noopener noreferrer nofollow">Australia Spot Bitcoin ETF To Start Trading On ASX Stock Exchange</a></li>
 <li><a href="https://coingape.com/news/stocks/bitcoin-price-struggles-at-66k-but-these-4-crypto-stocks-shine/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Price Struggles At $66K But These 4 Crypto Stocks Shine</a></li>
</ul>
<p>The post <a href="https://coingape.com/shiba-inu-coin-top-3-reasons-why-shib-is-primed-for-a-rally/" rel="noopener noreferrer nofollow">Shiba Inu Coin: Top 3 Reasons Why SHIB Is Primed For A Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Shiba Inu Coin: Top 3 Reasons Why SHIB Is Primed For A Rally

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