As the cryptocurrency market turns green once again as Bitcoin (BTC) leads the market after climbing back over $17,000, it is another digital asset that leads the market in terms of searches and popularity as the most trending coin.
In fact, as of January 9, Shiba Inu (SHIB) is the most popular cryptocurrency, with the dog meme token ranking first on CoinMarketCap’s trending list, followed by Bitcoin and Polygon (MATIC).
With a total market capitalization of $4.88 billion, the token is ranked sixteenth by its overall market value, after SHIB increased by more than 5% on the day and an additional 8% over the course of the preceding week, changing hands at $0.000008809.
Since December 28, when it reached a low of $0.0000079, the price of SHIB has drastically increased. Since December 30, the cryptocurrency has gone on to record nine out of ten green days.
Shiba Inu’s price was momentarily able to rise beyond the crucial daily moving average (MA) 50 barrier of $0.0000087, which has served as the cryptocurrency’s ceiling since November 10.
SHIB continues to burn tokens
The meme token has also benefitted from the fact that the SHIB burn website reports that the Shiba Inu burn rate has increased by over 1,300% due to the fact that millions of SHIB have been sent to dead addresses in the last day and a half. Over 37,400,646 SHIB tokens have been burned in the last twenty-four hours, and a total of twelve transactions have taken place in that time.
Notably, on January 7, Shiba Inu ecosystem developers stated that every transaction on its layer 2 blockchain Shibarium network would burn the SHIB token. This news was made following the original confirmation on January 4 that Shiba Inu’s BONE token will power layer 2 network transactions.
SHIB technical analysis
Taking into account TradingView’s technical analysis (TA) indicators on 1-day gauges for SHIB, the sentiment is bullish, indicating ‘buy’ at 13. This summary is the result of oscillators pointing toward ‘neutral’ at 3 and moving averages suggesting ‘buy’ at 10.
It’s worth mentioning that Finbold highlighted Shiba Inu as one of the five best meme coins to watch in January 2023. Elsewhere, the the machine learning-based algorithms at PricePredictions, have predicted that SHIB will trade at $0.000008036 by the end of January.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.