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Ekta Mourya
FXStreet
Shiba Inu price could breakout soon as the meme coin’s circulating supply drops. The Dogecoin-killer’s community has consistently sent SHIB tokens to dead wallet addresses, pulling them out of circulation and fueling a bullish narrative among investors.
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The Shiba Inu community has burned over 742 million Shiba Inu tokens overnight, fueling the burn initiative of the meme coin. Shibburn.com, a platform that tracks the statistics of burned Shiba Inu tokens, has reported ten transactions where 742,702,200 SHIB were pulled out of circulation.
The recent activities have increased the burn rate. Real-world businesses are keen on adopting Shiba Inu as an accepted payment alternative.
Shiba Inu has hit a key milestone with another real-world business accepting the meme coin as payment. Turkey-based Vita Private Ambulance company now accepts payment in SHIB. Proponents believe rising utility could trigger a price rally in Shiba Inu.
The acceptance of Shiba Inu as payment boosts the real-world application of the meme coin. Rising utility of the Dogecoin-killer fuels a bullish narrative for Shiba Inu.
Analysts have evaluated the Shiba Inu price trend and predicted a 30% upswing. Shiba Inu price could see a rise as FXStreet analysts spot potential for an upswing.
Analysts cap the upside at $0.000027 to $0.000028. The extended 2021 volume profile does not reveal significant signs as there isn’t enough volume traded yet. A move up to $0.000040 would have traders accumulating the altcoin and thus increasing the trade activity in Shiba Inu.
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Dogecoin price is hovering above the $0.048 support level after a 72% crash in the last 70 days. The MRI indicator flashes a buy signal on the weekly time frame, suggesting the possibility of a bottom.
A brief technical and on-chain analysis on TRON price. Here, FXStreet’s analysts evaluate where TRX could be heading next.
Solana price has been on a rollercoaster ride, mostly sliding lower for the better part of 2022 and the last quarter of 2021. With the bearish market conditions pausing, the chances of a minor relief rally seem likely.
Ripple price has not seen a 50% retracement from any decline following last week’s trade setup, suggesting an extended impulse wave is underway. A retest of $0.29 could be the catalyst to send XRP price to $0.25.
BTC is at a point in its journey through the bear market where investors are split into camps that are expecting a relief rally, a continuation of the crash and a full-blown bull rally. Interestingly, none of the aforementioned theses is wrong per se.
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