Shiba Inu (SHIB) Gains Momentum as Bullish Signals Strengthen in October
1. Shiba Inu Sees Positive Price Movement Amid Major Developments
Shiba Inu ( SHIB ) has experienced a steady uptick in the past week, increasing by 2% as of October 9, 2024. The current price sits around $0.000017, part of a broader 35% rise in the last month. One of the primary drivers for this price action is the ongoing decrease in SHIB reserves on centralized exchanges, which signals reduced selling pressure. Additionally, the burn rate for SHIB has surged by over 400%, effectively removing millions of tokens from circulation, potentially increasing scarcity over time​( FX Leaders )​( Watcher Guru ).
2. Shibarium’s Mixed Performance: Growth Slows Despite Positive Market Trends
While SHIB has seen price increases, Shibarium, Shiba Inu’s layer-2 blockchain designed to improve scalability , has experienced a slowdown in activity. Daily transactions have fallen below 10,000 since the beginning of October, despite the initial excitement earlier this year. This decline in network activity may raise questions about Shibarium’s adoption and its impact on the broader Shiba Inu ecosystem​( FX Leaders ).
3. Technical Analysis : Key Levels and Short-Term Outlook
In the last 12 hours, Shiba Inu has shown bullish signals, with technical indicators pointing toward potential short-term gains. SHIB is trading above a confluence of support levels , and if this trend continues, it may soon challenge resistance around $0.0000172. While Shibarium’s performance has slowed, the increase in burn activity and reduced exchange reserves are providing optimism for further price growth​( Watcher Guru )​( FX Leaders ).
Read More: https://onthenode.com/cryptocurrency/shiba-inu-shib-gains-momentum-as-bullish-signals-strengthen-in-october
1. Shiba Inu Sees Positive Price Movement Amid Major Developments
Shiba Inu ( SHIB ) has experienced a steady uptick in the past week, increasing by 2% as of October 9, 2024. The current price sits around $0.000017, part of a broader 35% rise in the last month. One of the primary drivers for this price action is the ongoing decrease in SHIB reserves on centralized exchanges, which signals reduced selling pressure. Additionally, the burn rate for SHIB has surged by over 400%, effectively removing millions of tokens from circulation, potentially increasing scarcity over time​( FX Leaders )​( Watcher Guru ).
2. Shibarium’s Mixed Performance: Growth Slows Despite Positive Market Trends
While SHIB has seen price increases, Shibarium, Shiba Inu’s layer-2 blockchain designed to improve scalability , has experienced a slowdown in activity. Daily transactions have fallen below 10,000 since the beginning of October, despite the initial excitement earlier this year. This decline in network activity may raise questions about Shibarium’s adoption and its impact on the broader Shiba Inu ecosystem​( FX Leaders ).
3. Technical Analysis : Key Levels and Short-Term Outlook
In the last 12 hours, Shiba Inu has shown bullish signals, with technical indicators pointing toward potential short-term gains. SHIB is trading above a confluence of support levels , and if this trend continues, it may soon challenge resistance around $0.0000172. While Shibarium’s performance has slowed, the increase in burn activity and reduced exchange reserves are providing optimism for further price growth​( Watcher Guru )​( FX Leaders ).
Read More: https://onthenode.com/cryptocurrency/shiba-inu-shib-gains-momentum-as-bullish-signals-strengthen-in-october
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