Shiba Inu Surges 2.14% as Burn Rate Jumps 1000%

The memecoin ecosystem has recently experienced a resurgence, with Shiba Inu (SHIB) emerging as a focal point. The cryptocurrency has shifted from a bearish trend and is poised to surpass significant price milestones in the near future. On April 6, a death cross formation was confirmed when the price of SHIB dropped from $0.00001232 to a low of $0.00001030. However, the memecoin has since shown signs of recovery, with its price currently trading at $0.00001249, marking a 2.14% increase over the past 24 hours. This price boost coincides with a 1000% surge in the SHIB burn rate during early trading, indicating a potential revival for the memecoin.

Market data indicates that SHIB is gradually moving away from its previous consolidation trend. The coin's price fluctuated between a low of $0.00001205 and a high of $0.00001265 before stabilizing at its current level. The SHIB/USDT 4-hour chart confirms the formation of a golden cross pattern, which occurs when the short-term moving average crosses above the longer-term moving average. Although this pattern is fully formed on the 4-hour chart, it has yet to materialize on the daily chart. However, given the current momentum, a confirmed breakout is anticipated. As a result of this upward trend, SHIB has surpassed Hedera and now ranks as the 17th largest cryptocurrency.

Several ecosystem factors could contribute to the long-term price increase of Shiba Inu. One key factor is the development and outlook of Shibarium, a Layer-2 scaling solution. The Shibarium network is nearing the milestone of 200 million addresses, which, if achieved, would signify growing adoption and potentially boost the token's valuation. Shibarium has already surpassed the 1 billion total transaction milestone, and continued organic growth could enhance SHIB's prospects of outranking Dogecoin. Analysts have suggested that SHIB could potentially retest its all-time high of $0.00008844, which would require a 710% increase from current levels. This projection is based on SHIB's historical price trends and its potential for significant growth.