SHIB Recent Uptrend: Is it Shiba Inu Burn Rate Effect or BTC’s Effect?

Bits Logics Team . 18th Sep 2023

• Starting in the week in the red zone, SHIB experienced a surge and entered the green zone.
•  SHIB is currently trading at $0.000007362 after experiencing a surge of 3.22% in seven days.
• A strong technical buy signal boosts hopes for a WLD market turnaround.

Starting in the week in the red zone, SHIB experienced a surge and entered the green zone. Some speculate that SHIB’s green zone could have been caused as an after-effect of the Shiba Inu Burn rate. Over time, crypto analysts have notified that the Shiba Inu burn rate has played a key role in affecting SHIB’s price over time. 

Meanwhile, some crypto analysts have pointed out that SHIB’s recent uptrend was similar to other altcoins. These speculations made by the crypto analysts state that BTC’s performance enabled many altcoins including Shiba Inu’s coin to experience an uptrend.

According to CoinMarketcap, SHIB is currently trading at $0.000007362 after experiencing a surge of 3.22% in seven days. The spike it experienced during the week helped the memecoin to climb above the $0.0000074 level, despite the recent fall. The surge SHIB experienced is still not enough for it to escape from the red area in the 30-day chart.  

However, it seems that the traders still have a demand for SHIB as the trading volume has a surge of 44.56%. At the reported time, the trading volume is valued at $83,368,265. Meanwhile, the market cap experienced a slight increase of 0.87%, making it valued at $4,334,975,839.

Looking at the SHB/USDT 1-Day Chart, the meme coin still has a long way to go before it reaches a safe zone for recovery. The candlesticks are currently below the $0.00000784 level and need to experience more spikes before reaching that level. 

If the candlesticks managed to escape from this current downtrend, then, it could move on to its target at $0.00000945. If SHIB’s bear cycle ends soon, there could be a high chance that the memecoin would return to its safe zone.