Dogecoin and Shiba Inu fans woke today, to massive surprises from the memecoin.
The first is the 3.14% rise in the price of the cryptocurrency over the last seven days and the massive 30,000% spike in its burn rate.
Over the last 24 hours, the Shiba Inu burn address received 1,494,278,561 SHIB. This means that 1.4 billion SHIB has been permanently removed from circulation, and the odds of bullishness on the cryptocurrency keep getting better.
On Friday, one of the greatest single SHIB burns ever recorded in SHIB history occurred, when approximately 1.5 billion SHIB tokens were sent to the network's burn address over the course of the last hours.
This most recent burn was performed by Koyo Token, a DeFi project on the ShibaSwapDEX.
SHIB burn tracker Shibburn reported this massive burn transaction on April 14 at 7:14:59 AM UTC, when 1,494,278,561 SHIB got transferred to the network's burn address.
This means that about 1.5 billion SHIB tokens have been burned in the previous 24 hours, causing a spike in the SHIB burns by 30929.37%.
Koyo has been one of the major contributors to the SHIB burn effort to lower the circulating supply. On April 10, it burned 1,104,224,812 billion SHIB tokens worth more than $12k in a single transaction.
As per CoinMarketCap data, the price of SHIB has climbed by more than 3% and has normalized to a price of $0.00001121. The data also shows that the 24-hour low and high are, $0.00001094 and $0.00001145 respectively.
The memecoin's trading volume has also increased by almost 50% in the last 24 hours, showing a rise in interest among investors.
SHIB began the year on a bullish note, after hitting a $0.0000078 low sometime in late March, the memecoin has been trending up, using an ascending trendline as support.
After hitting a high of $0.000015 in February, SHIB entered a massive rejection phase and declined straight down to $0.000009 sometime around late March.
The cryptocurrency started to rise again to the upside, following the ascending trendline again and trying to reach the next major resistance of $0.000013.
Shiba Inu's RSI on the daily chart shows that the cryptocurrency is now making headway above the neutral zone.
A crossover has happened between the RSI signal line and the RSI-based MACD. This means that the bulls are in control and that the memecoin has a good chance of going further up the trendline and retesting $0.000013 soon.
Overall, the bullish signs on Shiba Inu are impressive, and the bulls have a good chance of beating the bears over the next few trading sessions.
TradingView data shows that the oscillators have a "buy" verdict on the cryptocurrency, the moving averages have a"strong-buy" verdict, and the summary of Shiba Inu shows a fairly strong "buy".
Shiba Inu's price targets show the following zones as the memecoin stops on its way to the top:
If Shiba Inu breaks its ascending trendline to the bottom, the likely stops in its decline are:
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.