Shiba Inu (SHIB) transactions have skyrocketed 350% as traders’ confidence grew. Over 1B of Shiv is burned and fueled deflation and price speculation. Golden Cross Formation confirms bullish momentum to $0.000018.
Shiba Inu (Shib) has attracted new attention in the crypto market with signs of a major breakout.
Memecoin has surpassed its recent major rivals like Bitcoin (BTC) and Ethereum (ETH). This was driven by on-chain activity, explosive burn rates, and confirmation of golden crosses on the daily chart.
With technical and basic metrics continuing to adjust, many investors are now asking if SHIB is ready for a substantial move.
Shiba Inu transactions are surged as confidence grows
In the last 10 days, Shiba Inu’s average transaction size has increased by 350%, up from $2,600 to over $11,700, according to data from IntotheBlock.
This rapid increase is a strong signal that traders are making big bets on the Shiv, reflecting the growth and bullish sentiment of the market.
This surge in activity coincides with a 2% price profit that boosted Shiba Inu (Shib) to 0.000014. This is the highest level since May. Much of this upward pressure comes from Ethereum’s weekly 16% meetings, sparking emotion across Ethereum-based tokens like Shib.
With Ethereum overtaken Bitcoin recently, many retailers have turned to assets within their ecosystem, and Shiv has clearly benefited from this trend.
Explosive Shiba inu (Shib) burn rate
As Shiba Inu prices rise, Shib burn rates (representing the number of Shib tokens permanently removed from circulation) have skyrocketed by more than 2,000% over the past week.
Over billions of shiv tokens were burned during that period, significantly increasing the momentum of assets’ deflation.
This aggressive burn activity is an important part of Shiv’s long-term strategy. By reducing supply, the tokens will be less and its value may increase as demand rises.
In combination with the increased ecosystem, the rising burn rate revived debate over bold price targets. Some analysts have speculated on the road to more than $0.00017. Coinlore predicts that Memecoin could rise from $0.0000377 to $0.0000624 by the end of this year.
Golden Cross Confirmation burns more bullish emotions
From a technical analysis perspective, Shiv’s technical outlook has been significantly enhanced.
After the nine-day moving average exceeded the 26-day moving average, a golden cross pattern was formed on the daily chart.
Historically, this pattern has often preceded a price increase that is significant for Shiv and other altcoins.
Furthermore, momentum indicators such as the MACD show continue to diverge bullishly. The MACD histogram is in the positive region, and the MACD line has expanded its leads than the signal line.
However, traders should now proceed with caution, making sure the RSI indicator is 67 points, three points away from the excess area of 70. This means that short-term pullbacks may be possible.
As long as Shiv exceeds its main support level of $0.0000125, technical analysts are hoping for a potential breakout.
A drop below $0.000012 could disable the current setup and trigger a short-term pullback to the $0.000011 level.
That said, if Shib manages clean breakouts above $0.000016, it’s more likely that he’ll retest the March local top for $0.000018.
The development of US regulations could add fuel to the ongoing Shiba Inu (Shib) Rally if legal clarity improves, particularly in the context of clear conduct and other crypto-related bills.
Additionally, the recent launch of Degensafe, Shiba Inu’s recent Ethereum meme coin creation platform, added even more usefulness and attention to the token.
