SHIBA inu (Shib) Memcoin is traded at $ 0.00001220, decreasing by about 3% in the last week, but analysts predict potential growth by 17 times.
This optimism is due to the fact that in just 24 hours the rate of burning of tokens increased by more than 6260%. According to Shibburn, over the last day more than 4.55 million Shib has been irrevocably destroyed.
In total, more than 410.75 trillion tokens were burned from the moment of launch, as a result of which the number of tokens in the circulation decreased to 589.24 trillion.
Sudden growth in SIB burning speed often leads to a price increase. The principle is simple: a reduction in a sentence in combination with constant or growing demand usually leads to an increase in the value of the asset.
Currently, the SIB market capitalization is $ 7.2 billion, and the 24-hour bidding has decreased by 15% to $ 152 million. Nevertheless, the memicin continues to grow.
On the day graphics, the coin from mid -July is consolidated inside a symmetrical triangle. This model often leads to a breakthrough, and price compression indicates an increase in volatility in the future.
If Shib can confidently gain a foothold above the upper resistance line in the area of ​​$ 0.0000130, then $ 0.0000150 and $ 0.0000200 can be the next growth targets.
The popular Cryptoelites analyst predicted that Memcoin can enter the phase growth phase with a potential increase in price by 17 times. Such a step will lead to a rise in the price of token to $ 0.0002, a level that was last considered achievable during the hype around the memecoons in 2021.
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Source: Cryptocurrency
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