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Simon Chandler
Author
Simon Chandler
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Why Trust Cryptonews
The price of Shiba Inu has dropped by 8% in the past 24 hours, falling to $0.00001823 on a day when the crypto market as a whole loses 3.5%.
This decline hasn’t been enough to send SHIB into the red for the week, with the meme token up by an impressive 25% in seven days and by 37% in a fortnight.
Such gains come off the back of a marked increase in its burn rate, which has exploded by just over 5,000% in a week.
Combined with SHIB’s strong fundamentals for a meme coin, such an increase would suggest that it will recover very soon from its current dip.
Shiba Inu Burn Rate Explodes 5,094% – Is a Price Rally Coming?
Shiba Inu may have declined over the past day, but its indicators would suggest that it’s getting very close to a big rebound.
Most notable is the convergence between its resistance (red) and support (green) levels, which will collide with each at some point tomorrow and potentially precede a big breakout.
The fact that SHIB’s relative strength index (purple) has plunged to 30 this morning would suggest that a rebound is coming soon, something which chimes with the pennant formed by the resistance and support levels.
However, a pessimist might point to the coin’s 30-period moving average (orange), which is still above the 200-period average (blue) and which may have to come down before we see a notable recovery.
One encouraging detail is that the token’s 24-hour trading volume stands at $800 million today, still up from $300 million barely a week ago.
This highlights ongoing demand for SHIB, with the main factor in its recent rally being the sudden increase in its burn rate.
This has partly stemmed from an increase in activity on Shibarium, which had seen daily transactions spike to over 10,000 over the past week.
Shibarium had introduced the Bor update in August, which implemented the mechanism which is now resulting in increased burns.
This has left SHIB in a very good place in terms of its tokenomics, while its wider ecosystem is also looking promising.
For instance, its team has revealed that the long-awaited SHIB: The Metaverse will launch in “the foreseeable future.”
This will be big for Shiba Inu, with the platform serving as a community-focused hub for the wider SHIB ecosystem.
Combined with an increasingly positive market, the SHIB price could therefore reach $0.000030 by the end of November and $0.00004 by 2025.
Bullish New Meme Tokens with Strong Fundamentals
SHIB looks like it could have a strong end to the year, but it won’t be the only meme token doing well over the next few months.
We’re also likely to see strong returns from certain presale coins, which can often rally big on the back of successful sales.
A very good example of this comes from Crypto All-Stars (STARS), an ERC-20 coin that has now raised more than $1.8 million in its offering.
Crypto All-Stars is that it’s the first token to provide a ‘MemeVault’, a protocol in which holders of any meme token can stake their funds.
Crypto All-Stars makes use of the ERC-1155 multi-token standard, which enables it to tokenize any cryptocurrency, including coins that aren’t based on Ethereum.
This gives the project a very wide market, and what’s exciting is that users who stake meme coins with its protocol will receive more rewards if they hold more STARS tokens.
This should result in STARS experiencing big demand, with the coin having a max supply of 42.069 billion.
Joining STARS’ sale is simply a matter of going to the official Crypto All-Stars website and connecting your wallet.
STARS currently costs $0.001471, although its price will rise in under a day.
Of course, with nearly 15,000 followers on X and a popular sale, this price could rise much higher once it lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
