As Shiba Inu maintains its position as one of the leading meme coins in terms of market value, a positive signal is emerging within the SHIB network.
According to prominent market analyst Ali Martinez, there could be an impending uptrend for Shiba Inu, signaled by a buy signal from the TD Sequential indicator.
Martinez added, “Keep an eye out, as SHIB could climb to $0.010 or potentially even reach $0.011.” If this prediction materializes, Shiba Inu would undergo a price surge of over 111,000%, considering the cryptocurrency was trading at $0.000009 at the time of reporting, according to CoinGecko data.
With Martinez emphasizing the historical accuracy of the TD Sequential indicator in predicting Shiba Inu’s price movements, it remains to be seen how SHIB performs in both the short and long term. Meanwhile, the meme coin continues to demonstrate a notable burn rate.
Scarcity is increasingly enveloping the Shiba Inu ecosystem due to an impressive burn rate. In January alone, nearly 10 billion SHIB tokens were eliminated.
Shibburn, an analytics platform, highlighted, “9,937,949,070 SHIB tokens have been burned in the month of January with 269 transactions.” The burn mechanism holds significance in the Shiba Inu network as it reduces SHIB’s circulating supply, creating scarcity in the process. Consequently, this scarcity, coupled with market dynamics, is considered bullish, potentially leading to a surge in SHIB’s price based on rising demand.
These factors contribute to the heightened hodl culture within the Shiba Inu community, exemplified by recent instances such as a new whale accumulating 140 billion SHIB tokens.
