Shiba

Burn

Shiba Inu

Gains

Divergence

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/digital-currency-shiba-inu-rises-sharply-with-bitcoins-market-gains" rel="noopener noreferrer nofollow">Digital Currency Shiba Inu Rises Sharply with Bitcoin’s Market Gains</a><br></p>
<p style="text-align: justify">Shiba Inu, a widely recognized meme <a href="https://en.bitcoinhaber.net/expert-crypto-analyst-predicts-downturn-for-bitcoin-and-two-altcoins" rel="noopener noreferrer nofollow">cryptocurrency</a>, has seen a significant price surge concurrently with <a href="https://en.bitcoinhaber.net/spotlight-on-bitcoin-etfs-a-market-stirring-success" rel="noopener noreferrer nofollow">Bitcoin</a>, the leading digital currency. Bitcoin neared the $64,000 mark on a recent Wednesday, while Shiba Inu’s value soared to $0.0000147. The following day, Shiba Inu traded at $0.000014, marking a dramatic 135% rise from its lowest point in the US for the year 2023, where it stood at $0.0000059.</p>
<h2 id="token-supply-and-burn-rate">Token Supply and Burn Rate</h2>
<p style="text-align: justify">Despite Shiba Inu’s burn rate reduction, where no tokens were removed from circulation in the past day, the cryptocurrency maintains a positive trajectory. The Shibburn website confirms the total circulating supply remains at 581 trillion tokens. Crypto enthusiasts recognize token burning as a crucial mechanism for value appreciation, with Shiba Inu having burned 410 trillion tokens to date. Nonetheless, its substantial supply continues to be a hurdle for achieving new price records.</p>
<p style="text-align: justify">The anticipated Layer 2 scaling solutions and projects like Shibarium are seen as potential boosters for Shiba Inu’s burning initiatives. After breaching a descending trend line resistance, SHIB’s price trajectory seems to have tilted upwards. The token previously encountered resistance at $0.00001, maintaining consolidation around $0.0000092. This level was supported by the 200-day exponential moving average.</p>
<h2 id="market-trend-and-investor-sentiment">Market Trend and Investor Sentiment</h2>
<p style="text-align: justify">Investor sentiment has been buoyed by positive signals from the Moving Average Convergence Divergence (MACD) indicator since early February, hinting at continued price ascension. Traders are eyeing a close above $0.000014, which currently presents instant resistance. If SHIB sustains this level, it could trigger further buying in anticipation of a rise to $0.00002.</p>
<p style="text-align: justify">However, investors are wary of a potential double-top pattern at $0.000015, which could precipitate a pullback. Despite this, robust buying pressure could cement the ongoing rally. Previously, Shiba Inu tested this resistance in February last year without success, leading to a sharp decline. Should history repeat with a rejection, the cryptocurrency might eye a recovery at $0.0001, with dollar-cost averaging strategies being advisable during corrections.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/digital-currency-shiba-inu-rises-sharply-with-bitcoins-market-gains" rel="noopener noreferrer nofollow">Digital Currency Shiba Inu Rises Sharply with Bitcoin’s Market Gains</a></h5>

Digital Currency Shiba Inu Rises Sharply with Bitcoin’s Market Gains

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