World

Loading… Loading…

Self-proclaimed Dogecoin DOGE/USD killer', Shiba Inu SHIB/USD , rose by 6% over the past day. This gain notably outshined its meme cryptocurrency rivals, including Dogecoin and Pepe PEPE/USD .

What Happened: Cryptocurrency analyst AlanSantana shared insights on Shiba Inus trajectory, suggesting a potential pattern in its price movement.

It will be a standard correction Just as it happened after the peak in August, Shiba Inu retraced for about 2 months. We have a lower high in December which can lead to another correction, maybe 3-9 weeks in duration."

The analyst added, " June August = Bullish Wave. August October = Bearish Wave. October December = Bullish Wave. December February = Bearish Wave. Then we are likely to experience sustained long-term growth but retraces, shakeouts, price swings and corrections will continue to show up."

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Shibarium, Shiba Inus Layer-2 scaling solution, has recently experienced a swell in transaction activity on its network, culminating in a colossal burning of 8.2 billion SHIB tokens last week. The official Shiba Inu burn tracker has reported a 61% surge in daily token burns.

The practice of token burning, however, sparks contentious discussions within the Shiba Inu community on social platforms.

Price Action: At the time of writing, SHIB was trading at $0.0000099, up 8% in the last 24 hours according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

Read Next: Heres How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?Loading… Loading…

Articles You May Like

Police investigating whether Kanye West was involved in alleged battery
Google fires 28 employees involved in sit-in protest over $1.2B Israel contract
Tesla is ending its referral program on April 30th worldwide
China’s ‘Netflix’ iQiyi pivots toward an aging population in an AI era
Why Apple is betting big on India