SHIB Surge Fueled by Token Burns and Shibarium Developments

Shiba Inu's price saw a marginal increase, rising to $0.00002716 amidst a drop in trading volume. Notably, the token witnessed a significant 2,330% surge in its burn rate, with over 15 billion SHIB tokens destroyed in March alone. This extensive token burning strategy is credited with propelling SHIB's recent surge, resulting in a 182% gain over the last three months.

Shiba Inu Price Surge Fueled by Token Burns and Shibarium Developments

The Shiba Inu (SHIB) cryptocurrency has witnessed a significant surge in its price, registering a fractional percentage increase in the past 24 hours. As of 11:37 p.m. EST, SHIB was trading at $0.00002716, with a 22% drop in trading volume to $522 million.

This upward trend in SHIB's price is attributed to the substantial burning of tokens, which has played a pivotal role in reducing the supply of SHIB. Notably, over 15 billion SHIB tokens were consumed in March alone, resulting in a remarkable 2,330% spike in the burn rate. This ongoing token burn strategy has fueled the growth of SHIB, which has soared by 182% over the past three months.

The positive sentiment surrounding SHIB is further bolstered by significant developments in Shibarium, its upcoming layer-2 solution. Shibarium is poised to enhance the Shibarium ecosystem by providing scalability and cost efficiency.

Technical Analysis: SHIB Price Consolidating within Symmetrical Triangle

The Shiba Inu price chart reveals that SHIB has been consolidating within a symmetrical triangle since December 2023, fluctuating between $0.000010 and $0.00004581. However, the bulls appear to have gained momentum in March, propelling the price upward.

Despite this bullish impulse, the bulls were unable to sustain their stance, and the price has retreated to around the $0.000023 support level. This consolidation has led SHIB to trade within the boundaries of a symmetrical triangle pattern, suggesting a potential breakout.

Currently, SHIB is trading below $0.000028, a crucial support level that has been transformed into resistance. This level represents a significant hurdle for the meme coin to overcome. Additionally, SHIB trades below both the 50-day and 200-day Simple Moving Averages (SMAs), indicating bearish pressure below $0.000030.

The Relative Strength Index (RSI) is currently rebounding towards the 50-midline level at 47, signaling buying activity. If the bulls maintain this momentum, SHIB's RSI could cross over to the 70-overbought region, indicating intense buying pressure.

Shiba Inu Price Prediction: Mixed Outlook

The bullish trend in Shiba Inu's price remains, with the bulls aiming to surpass the $0.000028 resistance level to drive the price higher and break the symmetrical triangle pattern. If successful, SHIB could potentially target $0.000044.

However, the presence of a death cross, where the 50-day SMA crosses below the 200-day SMA at $0.000029, suggests a bearish outlook. This could potentially lead to a downturn in price, forcing the bulls to retreat towards the $0.0000219 support zone.

Dogecoin20: A Promising Alternative to Shiba Inu

Amidst the market fluctuations, investors are also showing interest in Dogecoin20 (DOGE20), a meme coin positioned as an upgraded version of Dogecoin. DOGE20 aims to offer enhanced features and functionalities, embodying the ethos of "Do Only Good Every Day."

The project seeks to become a greener, more versatile alternative to Dogecoin, the leading meme coin by market capitalization. DOGE20 introduces a staking mechanism that offers an attractive annual percentage yield (APY) of 56%.

With the launch of DOGE20 scheduled to coincide with International Doge Day on April 20th, the team anticipates capitalizing on the positive sentiment surrounding Dogecoin at that time. Crypto analyst and YouTuber Jacob Bury predicts DOGE20 could experience a substantial 100X surge after launch.

Interested parties should act promptly, as the extended DOGE20 presale could end at any moment. Tokens can be purchased from the project's official website using ETH, USDT, or bank cards.

Disclaimer: The information provided in this article should not be construed as financial advice. Please conduct thorough research before making any investment decisions.