Bullish news for the Shiba crypto holder. Millions of Shiba tokens are being burned on the daily.
The process of burning Shiba Inu cryptocurrency plays an important role in the challenge to reaching $0.01 and even $1 per token.
However, as this deflationary cryptocurrency’s supply decreases, we’re going to see the value of the token massively increase.
The effects are being seen every day.
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Shiba Inu has been blowing up.
The cryptocurrency is now sitting at #8 popularity on Coinbase.
Skeptics fear a massive dip in the asset but fail to zoom out for a moment.
Shiba’s market cap almost more than doubled in a matter of a few days and the crypto shows no signs of slowing down.
A once not-so-stable coin has now gained the much needed structure and backbone from an ever growing community.
Volatility has been managed.
Recent Shiba Inu Coin News
SHIB has been breaking all time high records over and over again.
Shiba Inu flipped Dogecoin meaning it outranked it in popularity.
This is massive news for the SHIB Army because it essentially puts Shiba out in the mainstream media.
This recognition will only further drive momentum to the cryptocurrency.
More than 300,000 petitioners have urged Robinhood to list Shiba Inu coin on the platform.
Whether Robinhood is fit to meet these demands is unclear at the moment.
There’s no doubt Shiba joining Robinhood will increase the value of the crypto. The coin surged more than 40% back in 2017 when it first joined Coinbase.
With exchanges such as Kraken and Robinhood not providing this demand, it’s fair to say there is a ton of untapped buying pressure in the markets waiting for the listing.
And as more exchanges offer this crypto, you can expect the price of SHIB to further increase in value.
SHIB Trader Sentiment
Traders holding SHIB have a strong sentiment towards the cryptocurrency.
You don’t need the 78% buy, 22% sell ratio to tell you that either.
You see it both in the Twitter space and subreddit communities.
Retail investors are massively strong on community.
Communities offer friendships, connections, information, and growth opportunities.
Any dump in the cryptocurrency is usually caused by a whale or due to a sudden increase in supply.
However, the practice of buying the dips is a common strategy retail investors use to take advantage of a ‘discounted’ asset.
We’ve seen SHIB rise, fall, consolidate, and rise again.
Shiba Inu coin has been setting higher highs and higher lows.
And although it took a massive dip yesterday, Shiba Inu pushed back up.
Shiba Inu Coin Chart Patterns
I’ve been studying the chart patterns and price movements of SHIB and noticed something quite intriguing.
The current price movement is showing almost identical resemblance to the chart prior to the massive runup.
The peaks and dips are too similar to disregard.
If this pattern proves to be of significant value, then we could very well see another massive runup.
This is where trader sentiment will play a big role in SHIB’s continued growth.
If the community want the cryptocurrency to skyrocket, then it will skyrocket.
The buy/sell ratio is a heavy indicator of what’s to come.
During the runup on October 23/24, the buy/sell ratio was 75% buy to 25% sell.
We’ve seen an offset of 5% in the past few days favoring buying the cryptocurrency.
And although the typical hold time is around 14 days, I believe SHIB will have greater sustainability and growth should the community hold this cryptocurrency long-term.
Did Shiba Inu Gain More Supply?
Yes, Shiba’s circulating supply rose from almost 400T to 549T.
Will it continue to gain more supply? I doubt it.
Shiba Inu supply went up due to the market cap almost doubling in a matter of a few days.
This sudden increase in supply could explain why SHIBA had a dip since the trader sentiment didn’t change.
It’s important to look at more than just the crypto price before calling this growing cryptocurrency ‘dead‘.
To gain a better understanding of your investment, you must look at:
- Trading activity ratio
- Community sentiment
- Chart patterns
- Crypto news by the community (not msm)
When holding a stock or crypto, momentum will occur and there will be period of consolidation before further price movements.
A pause in momentum does not signify a dead play.
It’s important to understand that growth isn’t linear but rather fully dependent on patience and community sentiment.
Millions of SHIB Are Being Burned Daily
That’s right. In fact, millions of SHIBA are being burned by the minute and hour.
The list below shows how many SHIB coins have been burned today.
As you refresh, you’ll find that millions upon millions of SHIB are being eliminated from the market.
So although the circulating supply increased due to a drastic change in market cap, the SHIB supply continues to get burned by the millions daily.
As this process compounds over time, we’re going to see this cryptocurrency gain value even when the momentum isn’t necessarily as heavy as certain episodes.
SHIB’s long-term success will be determined by the community’s long-term decision to hold the cryptocurrency.
Are you willing to hold the cryptocurrency a few years? Leave a comment below.
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