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The Shiba Inu price has climbed 1% in the last 24 hours to trade at $0.00001326 as of 6:50 p.m. EST. on a 15% drop in trading volume to $164 million.
This price rise comes as the Shiba Inu burn portal dubbed ShibTorch goes live on Shibarium.
According to Lucie, the Marketing Executive of ShibTorch, the platform will focus on burning only the base fees paid by users. While these base fees will be sent to the burn contract, a secondary priority fee will be directed to validators.
🔥 ShibTorch: Burning Tokens on Shibarium
In the crypto world, “burning” tokens means permanently removing them from circulation, typically by sending them to a burn address—a place where tokens go and can never be spent again.
💡 Why Burn Tokens?
•Inflation Control: Helps… pic.twitter.com/sSvP6Q9fjO
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 16, 2024
Users can initiate a Shibarium burn by accumulating BONE tokens. Once enough BONE is collected, it will be converted to SHIB on the Ethereum network and then burned, reducing the total supply.
Shiba Inu Price: Is It Time Time To Buy The Dip?
Shiba Inu’s price recently bounced back from below the lower trendline of the falling wedge pattern. According to GeckoTerminal data, the bulls have regained control and are preparing to increase prices from the support zone at $0.00001289.
SHIBUSDT Analysis (Source: Tradingview)
The SHIB/USDT chart shows a classic falling wedge pattern, often signaling a potential bullish reversal. Right now, SHIB’s price is sitting below the 50-day and 200-day Simple Moving Averages (SMA), indicating a bearish trend. However, this pattern suggests that things might be about to turn around.
A falling wedge usually means the market is consolidating before a possible breakout to the upside. If SHIB manages to break above the wedge’s upper trendline, particularly with a close above the 50-day and 200-day SMAs, it could mark the beginning of a strong upward move.
The Relative Strength Index (RSI) is currently at 34.54, which is below the midline of 50, pointing to bearish conditions. However, since this level is close to the oversold territory, there’s a chance there could be a bullish reversal if the RSI starts climbing toward and beyond 50.
Volume, a key indicator of market strength, is currently low, suggesting the market is in a consolidation phase. A spike in volume during a breakout would further confirm the potential for a bullish move.
Shiba Inu Price Prediction
If the price manages to break out of the falling wedge pattern, particularly with a close above the 50-day and 200-day moving averages, it could trigger a strong bullish move. A rise in the RSI above 50 would further reinforce this momentum, potentially driving the price toward a target of around $0.00004197.
On the other hand, if the price fails to break out and instead drops below the current support at the bottom of the wedge, the bears might take control, pushing the price down even further to $0.00001486.
Pepe Unchained Blasts Past $9 Million- Best Meme Coin To Buy?
While the Shiba Inu price gears up for a potential rally, investors are flocking to layer-2 meme coin Pepe Unchained (PEPU), which just blasted past $9 million in early funding.
PEPU will free PEPE from the outdated and slow layer-1 Ethereum blockchain by running on its own layer-2 network. It seeks to mirror the success of its predecessor, PEPE, which has provided remarkable returns to early investors and now ranks as the third-largest meme coin by market capitalization.
We’ve just hit $9M! 🎉
Pepe Unchained is unstoppable, and it’s all thanks to you! pic.twitter.com/jdvgHIXjuj
— Pepe Unchained (@pepe_unchained) August 16, 2024
The project has its own blockchain that aims to address common challenges like scalability, speed, and efficiency that frequently affect meme coins on the Ethereum mainnet.
Additionally, it plans to reward token holders through a lucrative staking program, which currently offers an attractive annual percentage yield (APY) of 217%.
You can purchase PEPU tokens for $0.0091265 each on the official website using ETH, USDT, or a bank card. You might want to act quickly, because the price is set to increase in just over a day.
Buy and stake PEPU here for up to 217% APY.
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