Shiba Inu (SHIB) Is Seeing Significant Community Developments and Rising Burn Rates, Supporting the Optimistic Long-Term Outlook for the Meme Coin

Trader Notes: Crypto trader InvestingHaven noted that SHIB is down less than 20% in January, outperforming many meme coins that have suffered deeper declines.

Shiba Inu (CRYPTO: SHIB) is seeing significant community developments and rising burn rates, painting a promising picture for the meme coin despite the broader crypto market downturn.

Trader Notes: Crypto trader InvestingHaven noted that SHIB is down less than 20% in January, outperforming many meme coins that have suffered deeper declines.

The trader pointed to a bullish W-reversal pattern, with SHIB currently positioned between key Fibonacci support levels.

The trader believes, "SHIB resilience now means strength when markets turn bullish."

While meme coins are crashing, Shiba Inu is showing strength.

- Lost less than 20% in January

- Forming a bullish W-reversal

- Sitting between key Fibonacci support levels

SHIB resilience now means strength when markets turn bullish.

Shiba Inu Meme Coin Price Lost Steam In January But Outperformed Other Meme Coins, Analysis Shows. Check Out SHIB Price Now

Shiba Inu's (CRYPTO: SHIB) meme coin price has lost steam in January, but it is still outperforming other meme coins, according to an analysis by InvestingHaven.

Charting SHIB's price performance against other meme coins, the crypto trader noted that SHIB has lost less than 20% in January, while other meme coins have suffered deeper declines of up to 40%.

Moreover, SHIB is also outperforming the meme coin index, which is tracking a basket of meme coins and has lost around 25%.

"Meme coins are crashing, but SHIB is showing strength. While meme coins are down -25% on average, SHIB is outperforming, having lost less than 20%. Meme coins are also outperforming the major coins, which is interesting," InvestingHaven noted.

Highlighting a potential bullish W-reversal pattern in SHIB's technical chart, the crypto trader noted that SHIB is currently sitting between the 23.6 Fib and 38.2 Fib support levels.

"The resilience of SHIB is setting the stage for strength when the markets turn bullish. This is a key observation."

Shiba Inu Meme Coin Price Chart Shows Strength In January, Analysis Highlights

Charting SHIB's price performance against the broader crypto market, InvestingHaven noted that SHIB is outperforming major coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

"SHIB is outperforming major coins like BTC and ETH, which is also interesting. Meme coins are a small part of the crypto market, but their moves are exaggerated, which makes them a good gauge of market sentiment.

"When meme coins turn bullish, it usually signals that the market is turning bullish. However, this time, meme coins are turning bullish despite the bear market, which is a bullish sign for SHIB and other meme coins."

Shiba Inu Meme Coin Price Could Turn Bullish In 2023, Analysis Suggests. Check Out SHIB Price Now

Shiba Inu's (CRYPTO: SHIB) meme coin price could turn bullish in 2023, continuing its impressive gains from last year, an analysis by InvestingHaven suggests.

Highlighting SHIB's price performance in 2022, the crypto trader noted that the meme coin has lost over 90% of its value from its all-time high. However, SHIB still managed to outpe