The Shiba Inu goes down, the Shibarium crosses a milestone, and the burn rate goes up

The price of the Shiba Inu fell over the weekend as cryptocurrency traders’ attention likely turned to official Trump.

Shiba Inu (Gray) The token fell to $0.00002099, down 9%.

Its decline mirrors the decline of other popular memes such as Pudgy Penguins, Dogwifhat, Popcat, and Peanut the Squirrel.

One possible reason for this price movement is that some traders switched from Shiba Inu to Official Trump (Trump), which has a fully diluted value of more than $71 billion.

The Shiba Inu has several triggers that could push its price higher. Firstly, Bitcoin (Bitcoin) continued to rise and approached its all-time high of $108,200. A move above the all-time high will likely attract cryptocurrency investors to other altcoins, including the Shiba Inu. see below.

Second, the Shiba Inu Daily Newspaper Burn rate It continued to rise on Sunday. according to Shipburnthe burn rate jumped by 950% to more than 30 million SHIB tokens, bringing the total number of Shiba Inu tokens burned to 410 billion.

Burning is a process that reduces the number of tokens in circulation by sending them to an inaccessible wallet.

Third, Shibarium, the Shiba Inu’s second layer network, achieved a major milestone last week as its transaction count jumped to more than 800 million on Friday. according to ShibariumscanNetwork transactions have now risen to 815 million, and the number of addresses has increased to 2.1 million.

The success of the Shibarium has a slight impact on the price of the Shiba Inu because some of the bone charges are converted into SHIB and burned.

Meanwhile, Data on the string It shows that the Shiba Inu’s daily active address has increased by 54% in the past seven days, a sign of growing adoption.

Technical analysis of Shiba Inu price

The daily chart shows that SHIB price made an upward breakout last week but found strong resistance at $0.000025.

This was a crucial level because it was also the swing high of January 4th.

On the positive side, SHIB stock remained above its 200-day moving average. It also creates a breakout and retest pattern, where the asset moves above a resistance point, then retests it and the trend resumes.

In this case, the Shiba Inu has moved above the top side of the falling wedge pattern and has now retested it. This could be a sign of a possible recovery. Further gains will be confirmed if the coin moves above the key resistance level at $0.000025.

Such a move would signal further gains, perhaps reaching $0.000033, the December high.

Created in August 2020 by the alias “Ryoshi,” Shiba Inu has evolved from a meme into a utility-focused ecosystem.

They include ShibaSwap, a decentralized exchange for trading, staking, and earning rewards, and Shibarium, a layer 2 blockchain that offers faster transactions and lower gas fees.

The ecosystem also features LEASH and BONE tokens for governance and ownership, and is under development Shep: MetaverseWhere users can buy virtual land.