- Shiba Inu is showing a strong technical bullish trend, indicating potential for significant price growth.
- A recent increase in the SHIB burn rate has reduced the circulating supply, which could have a positive impact on the token’s price.
- The Shiba Inu development team has revealed plans for a major marketing campaign in 2024, which could attract new investors and increase the visibility of the token.
Shiba Inu (SHIB), the popular meme coin, is showing signs of a potential breakout. Technical analysis pointed to a bullish pennant training accompanied by a decent trading volume. This technical setup often precedes a significant price rise. This, combined with a recent 6200% burn ratestrengthened the bullish sentiment, reflecting the law of supply and demand.
On the hourly chart, a bullish pennant has appeared, indicating a period of consolidation before the next big move. This uptrend, coupled with increased trading volume and an increase in burn rate, suggests that SHIB is preparing for a possible price rise.
According to Shibburn data, 290,321 tokens were sent to dead wallets or permanently removed from circulation. This increase in engraving activity highlights community initiative and increased interest in the coin as market supply tightens. A weekly reduction of 135 million SHIB tokens fueled the bullish sentiment.
To top it off, the number of Shiba Inu owners reached an all-time high of 1,427,381, indicating strong community support and growing investor interest. This bullish sentiment, coupled with the potential catalyst of the upcoming US presidential inauguration, could further fuel the rally.
The Shiba Inu consolidation phase seems to be coming to an end. Now we are building up to the next catalyst which IMO (No advice) will look like on January 20th during the inaugural ceremony of the next President of the United States of America. Who is pro-cryptocurrency?
Shiba Inu Developer Teases Aggressive Marketing Plans for 2024
While it is important to note that cryptocurrencies are highly volatile assets, current market conditions and technical indicators suggest that Shiba Inu could be poised for a significant upside.
Meanwhile, Shiba Inu’s Shytoshi Kusama has sent released a teaser hinting at a major marketing push in 2024. Kusama, one of the project’s lead developers, recently announced that an extensive marketing plan had been approved by the Shiba Inu team.
Although specific details are not yet revealed, Kusama urged the Shiba Inu community to contact their favorite cryptocurrency exchanges and express their support for the project. This suggests that the marketing campaign may involve significant stock market listings or partnerships.