• bitcoinBitcoin (BTC) $ 108,683.00
  • bitcoinBitcoin (BTC) $ 108,683.00
  • ethereumEthereum (ETH) $ 2,638.60
  • ethereumEthereum (ETH) $ 2,638.60
  • tetherTether (USDT) $ 0.999976
  • tetherTether (USDT) $ 0.999976
  • xrpXRP (XRP) $ 2.36
  • xrpXRP (XRP) $ 2.36
  • bnbBNB (BNB) $ 661.20
  • bnbBNB (BNB) $ 661.20
  • solanaSolana (SOL) $ 153.37
  • solanaSolana (SOL) $ 153.37
  • usd-coinUSDC (USDC) $ 0.999901
  • usd-coinUSDC (USDC) $ 0.999901
  • tronTRON (TRX) $ 0.287710
  • tronTRON (TRX) $ 0.287710
  • dogecoinDogecoin (DOGE) $ 0.171648
  • dogecoinDogecoin (DOGE) $ 0.171648
  • staked-etherLido Staked Ether (STETH) $ 2,637.92
  • staked-etherLido Staked Ether (STETH) $ 2,637.92
  • cardanoCardano (ADA) $ 0.602772
  • cardanoCardano (ADA) $ 0.602772
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 108,474.00
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 108,474.00
  • hyperliquidHyperliquid (HYPE) $ 38.88
  • hyperliquidHyperliquid (HYPE) $ 38.88
  • wrapped-stethWrapped stETH (WSTETH) $ 3,195.22
  • wrapped-stethWrapped stETH (WSTETH) $ 3,195.22
  • suiSui (SUI) $ 2.93
  • suiSui (SUI) $ 2.93
  • bitcoin-cashBitcoin Cash (BCH) $ 508.28
  • bitcoin-cashBitcoin Cash (BCH) $ 508.28
  • chainlinkChainlink (LINK) $ 13.95
  • chainlinkChainlink (LINK) $ 13.95
  • stellarStellar (XLM) $ 0.286099
  • stellarStellar (XLM) $ 0.286099
  • leo-tokenLEO Token (LEO) $ 9.04
  • leo-tokenLEO Token (LEO) $ 9.04
  • avalanche-2Avalanche (AVAX) $ 18.43
  • avalanche-2Avalanche (AVAX) $ 18.43
  • usdsUSDS (USDS) $ 0.999912
  • usdsUSDS (USDS) $ 0.999912
  • hedera-hashgraphHedera (HBAR) $ 0.167396
  • hedera-hashgraphHedera (HBAR) $ 0.167396
  • wrapped-eethWrapped eETH (WEETH) $ 2,828.65
  • wrapped-eethWrapped eETH (WEETH) $ 2,828.65
  • shiba-inuShiba Inu (SHIB) $ 0.000012
  • shiba-inuShiba Inu (SHIB) $ 0.000012
  • the-open-networkToncoin (TON) $ 2.81
  • the-open-networkToncoin (TON) $ 2.81
  • wethWETH (WETH) $ 2,638.90
  • wethWETH (WETH) $ 2,638.90
  • litecoinLitecoin (LTC) $ 88.13
  • litecoinLitecoin (LTC) $ 88.13
  • whitebitWhiteBIT Coin (WBT) $ 45.77
  • whitebitWhiteBIT Coin (WBT) $ 45.77
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • moneroMonero (XMR) $ 318.98
  • moneroMonero (XMR) $ 318.98
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 108,656.00
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 108,656.00
  • polkadotPolkadot (DOT) $ 3.50
  • polkadotPolkadot (DOT) $ 3.50
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • bitget-tokenBitget Token (BGB) $ 4.35
  • bitget-tokenBitget Token (BGB) $ 4.35
  • uniswapUniswap (UNI) $ 8.18
  • uniswapUniswap (UNI) $ 8.18
  • aaveAave (AAVE) $ 296.66
  • aaveAave (AAVE) $ 296.66
  • pepePepe (PEPE) $ 0.000010
  • pepePepe (PEPE) $ 0.000010
  • daiDai (DAI) $ 1.00
  • daiDai (DAI) $ 1.00
  • pi-networkPi Network (PI) $ 0.462831
  • pi-networkPi Network (PI) $ 0.462831
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • bittensorBittensor (TAO) $ 326.12
  • bittensorBittensor (TAO) $ 326.12
  • crypto-com-chainCronos (CRO) $ 0.095862
  • crypto-com-chainCronos (CRO) $ 0.095862
  • aptosAptos (APT) $ 4.51
  • aptosAptos (APT) $ 4.51
  • okbOKB (OKB) $ 48.14
  • okbOKB (OKB) $ 48.14
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • nearNEAR Protocol (NEAR) $ 2.25
  • nearNEAR Protocol (NEAR) $ 2.25
  • jito-staked-solJito Staked SOL (JITOSOL) $ 186.36
  • jito-staked-solJito Staked SOL (JITOSOL) $ 186.36
  • internet-computerInternet Computer (ICP) $ 4.92
  • internet-computerInternet Computer (ICP) $ 4.92
  • ethereum-classicEthereum Classic (ETC) $ 17.08
  • ethereum-classicEthereum Classic (ETC) $ 17.08
  • ondo-financeOndo (ONDO) $ 0.812628
  • ondo-financeOndo (ONDO) $ 0.812628
  • susdssUSDS (SUSDS) $ 1.06
  • susdssUSDS (SUSDS) $ 1.06
  • usd1-wlfiUSD1 (USD1) $ 0.999887
  • usd1-wlfiUSD1 (USD1) $ 0.999887
  • kaspaKaspa (KAS) $ 0.078788
  • kaspaKaspa (KAS) $ 0.078788
  • mantleMantle (MNT) $ 0.589790
  • mantleMantle (MNT) $ 0.589790
  • fasttokenFasttoken (FTN) $ 4.44
  • fasttokenFasttoken (FTN) $ 4.44
  • cosmosCosmos Hub (ATOM) $ 4.18
  • cosmosCosmos Hub (ATOM) $ 4.18
  • gatechain-tokenGate (GT) $ 15.82
  • gatechain-tokenGate (GT) $ 15.82
  • vechainVeChain (VET) $ 0.021476
  • vechainVeChain (VET) $ 0.021476
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.199817
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.199817
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.672588
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.672588
  • official-trumpOfficial Trump (TRUMP) $ 8.74
  • official-trumpOfficial Trump (TRUMP) $ 8.74
  • ethenaEthena (ENA) $ 0.268493
  • ethenaEthena (ENA) $ 0.268493
  • skySky (SKY) $ 0.079650
  • skySky (SKY) $ 0.079650
  • render-tokenRender (RENDER) $ 3.24
  • render-tokenRender (RENDER) $ 3.24
  • arbitrumArbitrum (ARB) $ 0.337831
  • arbitrumArbitrum (ARB) $ 0.337831
  • algorandAlgorand (ALGO) $ 0.186258
  • algorandAlgorand (ALGO) $ 0.186258
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,639.66
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,639.66
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 108,230.00
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 108,230.00
  • filecoinFilecoin (FIL) $ 2.34
  • filecoinFilecoin (FIL) $ 2.34
  • bonkBonk (BONK) $ 0.000020
  • bonkBonk (BONK) $ 0.000020
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.54
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.54
  • worldcoin-wldWorldcoin (WLD) $ 0.868670
  • worldcoin-wldWorldcoin (WLD) $ 0.868670
  • sei-networkSei (SEI) $ 0.262876
  • sei-networkSei (SEI) $ 0.262876
  • usdtbUSDtb (USDTB) $ 0.999657
  • usdtbUSDtb (USDTB) $ 0.999657
  • binance-staked-solBinance Staked SOL (BNSOL) $ 163.24
  • binance-staked-solBinance Staked SOL (BNSOL) $ 163.24
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997754
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997754
  • kucoin-sharesKuCoin (KCS) $ 11.07
  • kucoin-sharesKuCoin (KCS) $ 11.07
  • usdt0USDT0 (USDT0) $ 0.999307
  • usdt0USDT0 (USDT0) $ 0.999307
  • jupiter-exchange-solanaJupiter (JUP) $ 0.440372
  • jupiter-exchange-solanaJupiter (JUP) $ 0.440372
  • spx6900SPX6900 (SPX) $ 1.40
  • spx6900SPX6900 (SPX) $ 1.40
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,766.44
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,766.44
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,007.19
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,007.19
  • nexoNEXO (NEXO) $ 1.21
  • nexoNEXO (NEXO) $ 1.21
  • celestiaCelestia (TIA) $ 1.60
  • celestiaCelestia (TIA) $ 1.60
  • flare-networksFlare (FLR) $ 0.016112
  • flare-networksFlare (FLR) $ 0.016112
  • tokenize-xchangeTokenize Xchange (TKX) $ 13.15
  • tokenize-xchangeTokenize Xchange (TKX) $ 13.15
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • xdce-crowd-saleXDC Network (XDC) $ 0.064648
  • xdce-crowd-saleXDC Network (XDC) $ 0.064648
  • fartcoinFartcoin (FARTCOIN) $ 1.04
  • fartcoinFartcoin (FARTCOIN) $ 1.04
  • injective-protocolInjective (INJ) $ 10.53
  • injective-protocolInjective (INJ) $ 10.53
  • blockstackStacks (STX) $ 0.657126
  • blockstackStacks (STX) $ 0.657126
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,827.54
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,827.54
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 108,948.00
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 108,948.00
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,773.08
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,773.08
  • sonic-3Sonic (S) $ 0.304749
  • sonic-3Sonic (S) $ 0.304749
  • optimismOptimism (OP) $ 0.554334
  • optimismOptimism (OP) $ 0.554334
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.46
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.46
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • pax-goldPAX Gold (PAXG) $ 3,315.40
  • pax-goldPAX Gold (PAXG) $ 3,315.40

Can SHIB price surge 150% as Shiba Inu burn rate rockets over 3,200%?

0 37

Can SHIB price surge 150% as Shiba Inu burn rate rockets over 3,200%?

Shiba Inu price has been in a strong downward momentum after peaking at $0.0000329 in December last year.

Shiba Inu (SHIB) has dropped by 61% and crashed to its lowest level since September 5, 2024.

This crash has coincided with the overall weakness in the crypto industry, especially meme coins. Most meme coins, including the likes of Dogecoin (DOGE), Pepe (PEPE), and Floki (FLOKI) have fallen by double digits.

Shiba Inu price has three potential catalysts that may push it higher in the coming days. First, its burn rate has jumped in the past few days. The daily burn rate rose by 3,253% to 29.3 million on March 8.

This means that the network has incinerated over 410 trillion coins since its inception, leaving the circulating supply at 584 trillion. A token burn is a mechanism where cryptocurrencies are transferred to an inaccessible address.

You might also like: Wonder why Bitcoin dropped following the US BTC reserve launch? Wolf of All Streets podcast host Scott Melker explains

Second, Shiba Inu price has become a bargain, according to the Z score of the Market Value to Realized Value or MVRV indicator. Santiment data shows that the MVRV-Z score has crashed to minus 2.143, its lowest level since August last year. It has fallen from the December high of 0.35.

The last time the MVRV indicator dropped to these levels it triggered a 215% surge to its December highs. That could be a sign that investors will start buying the dip.

Can SHIB price surge 150% as Shiba Inu burn rate rockets over 3,200%?

SHIB MVRV-Z score | Source: Santiment

SHIB technicals

Can SHIB price surge 150% as Shiba Inu burn rate rockets over 3,200%?

SHIB price chart | Source: crypto.news

The daily chart shows that the SHIB price has crashed to a key support level, where it failed to move below four times since July last year. That is a sign that bears are afraid of shorting the coin below that level.

The accumulation and distribution indicator has continued rising, a sign that smart money investors are buying. Also, the Relative Strength Index and the Moving Average Convergence/Divergence (MACD) indicators have formed a bullish divergence pattern.

Additionally, Shiba Inu price has formed a falling wedge pattern, with the two lines about to converge. Therefore, the coin will likely have a strong bullish breakout, with the next target to watch being the December high of $0.00003325, up by 155% from the current level.

Read more: ‘We do not need to be in a hurry’: Powell urges patience in speech

Source

Leave A Reply

Your email address will not be published.