Shiba Inu’s SHIB/USD Monthly Gains Signal Potential Price Increase
Shiba Inu’s SHIB/USD has experienced a significant monthly gain of 18%, indicating a potential price pump in the near future. This spike in value is attributed to the burn rates and technical indicators that are currently pointing towards an upward trend.
Positive Shift in Shiba Inu’s Market Activity
The burn rate of Shiba Inu has surged by a staggering 65,529.7% after burning 2.7 million SHIB in the last 24 hours, based on Shibburn data. Additionally, data from Shibarium reveals a notable increase in daily transactions, with a rise from 3.2 million to 4.8 million on Oct. 24.
According to insights from IntoTheBlock, the volume of large transactions has decreased by 23%, while daily active addresses have increased by 1.9%. Despite this, 73% of Shiba Inu’s circulation is still controlled by large holders, indicating a high level of confidence among major investors.
Market Analysis and Future Outlook
Shiba Inu’s recent 18% monthly gains coincide with a positive trend in Bitcoin prices, which has had a ripple effect on many altcoins. According to Benzinga’s technical analysis, SHIB’s relative strength index stood at 57.1 as of Oct. 24, signaling moderate buying pressure and hinting at a mildly bullish outlook.
Moreover, the crossing of the 50-day Simple Moving Average (SMA) above the 100-day SMA indicates a bullish short-term momentum, with the short-term price movement surpassing the long-term trend.
Upcoming Event Focus on Meme Coins
The influence of meme coins, including Shiba Inu, is set to be a key topic of discussion at Benzinga’s forthcoming Future of Digital Assets event scheduled for Nov. 19.
For more market news and data, stay tuned for updates from Benzinga APIs.
Source : www.benzinga.com