- Shiba Inu experiences a 135.23% weekly increase, driven by the ‘Shiba Army’ community and token burning.
- Based on Ethereum, it offers scalability and use cases such as NFTs and donations to rescue real Shiba Inu dogs.
The Dollar Cost Averaging (DCA) investment strategy has proven to be a shrewd play for those who have invested in SHIB since its inception. Despite market volatility, those who have followed this strategy have seen their initial investment grow substantially.
One piece of news that has attracted a lot of attention is the move of 3 trillion SHIB tokens, worth approximately $49.9 million. These types of moves are signals that experts and enthusiasts watch closely because they suggest major changes in the price of the token, just as we have previously covered on ETHNews.
A platform known for tracking cryptocurrency movements, Whale Alert, detected a massive move of SHIB. This movement has had a direct impact on the price of the token, which rose more than 70% in 24 hours, reaching bullish price levels.
🚨 🚨 3,023,255,579,400 #SHIB (49,933,096 USD) transferred from unknown wallet to unknown wallethttps://t.co/3D24M928iE
— Whale Alert (@whale_alert) March 1, 2024
Since its appearance in January 2021, SHIB started with a very low price, which made it an attractive option for those who wanted to enter the market without spending a lot. This humble beginning only increased its popularity and made it an interesting option for many.
As for SHIB’s current price, although it has experienced a slight drop in the last 24 hours, the overall trend remains positive, with impressive increases in the last week and month. This, coupled with an increase in SHIB’s burn rate, suggests strong community activity that could continue to drive its price higher.
SHIB has managed to outperform other established cryptocurrencies, ranking 11th in terms of market capitalization. With a 62.20% increase in its price in the last 24 hours, SHIB is proving that it has a lot to offer.
Based on analysis and the trend observed, it is reasonable to expect SHIB to maintain its upward course in the short term. This is supported by continued community interest and support, which are key factors for the dynamism of any cryptocurrency.
The current price of Shiba Inu (SHIB) is $0.00002221 USD, registering a decrease of -1.73% in the last 24 hours. However, it has had an impressive 135.23% increase in the last week, up 151.38% in the last month.
Technical analysts have observed an interesting development in the SHIB/USD chart, including potential signs of a breakout. SHIB’s burn rate has increased significantly, which could indicate increased community activity and potentially positively impact its price.
Prediction: Given the recent increase in price and community activity around Shiba Inu, it is plausible to expect SHIB to maintain a near-term uptrend, especially if community interest and support continues. However, as always, it is essential to consider the volatility of the cryptocurrency market and proceed with caution.
