Shiba Inu to Spike by 30% Amid Increased Supply Burning—Analysts
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The SHIB community remains steadfast in sending tokens to a “burn” wallet, which permanently removes some tokens from circulation. This has fueled a bullish narrative for investors who could ramp up accumulation.
According to data from Shibburn, the Shiba Inu community has burned over 742 million tokens overnight, indicating a significant increase in the SHIB burn rate.
Meanwhile, real-world businesses have continued to show interest in adopting SHIB as an accepted payment alternative. The meme coin recently crushed a new milestone after Turkey-based Vita Private Ambulance company announced that it accepted SHIB payments for services. Analysts opine that an increasing utility of the token could trigger a massive rally in the short term.
The increasing adoption of SHIB promotes a positive narrative for meme coins and their utility. That said, analysts have predicted a possible 30% rally for the meme token in the near term.
Currently, the ceiling for the meme token is the $0.000027 – $0.000028 range. That said, analysts noted that trading volume was on the low side and needed a little boost. However, a move to $0.000040 should do the trick and fuel massive accumulation and trading volume, which should send the cryptocurrency higher.
Key Shiba Inu Levels to Watch — March 16
SHIB continues to toe a bearish line since its rejection from the $0.0000286 top in early March, as it slipped below the critical $0.0000220 support. However, the meme coin has fought to remain close to this mark as it rebounded to $0.0000220 on Wednesday.
With trading volume on the lower end, market momentum is expected to remain choppy for the meantime. That said, market momentum could take a turn between now and Friday as the US Fed prepares for its two-day policy meeting commencing later today.
Meanwhile, my resistance levels are $0.0000235, $0.0000250, and $0.0000260, and my support levels are $0.0000210-, $0.0000200, and $0.0000190.
Total Market Capitalization: $1.79 trillion
Shiba Inu Market Capitalization: $12 billion
Shiba Inu Dominance: 0.67%
Market Rank: #15
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