Popular crypto analyst Oscar Ramos has released a new analysis suggesting Shiba Inu (SHIB) is positioned for a major price movement.
In his detailed technical analysis, Ramos points to several key indicators that suggest an imminent breakout for the meme token.
Market Conditions are Turning Favorable
The analyst emphasizes that market conditions are aligning favorably for SHIB. He noted that the token has maintained strong support levels despite recent market fluctuations.
In particular, Ramos highlights the token’s resilience during the recent “Pumptober” period, which didn’t materialize as expected for many meme coins.
Looking at current market dynamics, Ramos observes that SHIB’s relationship with Dogecoin remains crucial, with SHIB’s market cap currently standing at a favorable ratio compared to DOGE.
He points out that while Dogecoin maintains a $22 billion market cap, SHIB’s $10 billion valuation suggests room for potential growth based on historical patterns.
Can Shiba Inu Delete More Zeroes in 2024?
For the remainder of 2024, Ramos outlines potential price trajectories for SHIB.
His analysis suggests the token could reach the $0.00003 level, though he cautions against expectations of breaking another zero within the next 60 days. The analyst considers this a more realistic target for 2025.
Ramos expresses particular confidence in SHIB’s strong support levels. He noted that the token has successfully rejected previous attempts to break below key price points.
This technical strength, combined with upcoming market catalysts, including the FOMC meetings and CPI data releases, contributes to his bullish outlook.
Shiba Inu Burn Rate Surges 430%
In a separate development, Shiba Inu’s burn rate has witnessed a decent surge, according to data from Shibburn. The tracking platform reports a 430% increase in burn rate over the last 24 hours.
As per the data, approximately 52.3 million SHIB tokens were sent to dead wallets during this period.
The token’s price performance shows mixed signals across different timeframes. CoinGecko data reveals a 5% increase over the past seven days. This was despite a 1% decline in the last 24 hours. SHIB was currently trading at $0.00001847 at press time.
These burn statistics represent one of the more important 24-hour burning periods for the token in recent times. The dead wallets, which permanently remove tokens from circulation, continue to play a crucial role in the token’s ongoing supply management strategy.
Shiba Inu has a circulating supply of 589,258,057,617,389. For the token to put out a notable rally, a significant number of SHIB should be removed from its circulating supply.
This has been the whole motive of the burn mechanism. As more SHIB is sent to dead wallets, this will create scarcity. As a result, it will trigger a rise in demand and help in its price surge.
