Shiba Inu (CRYPTO: SHIB) continues its sideways consolidation trajectory, but its high burn rates are fueling optimism among traders that an inflection point could be just around the corner.
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7 day trend |
| Shiba Inu (CRYPTO: SHIB) | $0.00002801 | 16.5 billion dollars | -2.1% | -6.6% |
| Dogecoin (CRYPTO:DOGE) | $0.4061 | $59.8 billion | -1% | -5.3% |
| Pepe (CRYPTO: PEPE) | $0.00002377 | 9.9 billion dollars | -2.4% | +12.4% |
Trader analysis
Cryptocurrency trader TheCryptoBull noted that the Shiba Inu chart “looks ready to take off very soon,” suggesting an imminent bullish move.
$SHIB chart looks primed for launch very soon pic.twitter.com/DSDYxAkxKG
— The CryptoBull (@TheCryptoBull77) December 12, 2024
Benzinga’s technical analysis supports this sentiment, with the Shiba Inu Relative Strength Index (RSI) at 54.5 as of December 12.
In a bull market, the RSI typically ranges between 40 and 90, with 40 and 50 serving as a support zone.
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The Simple Moving Average (SMA) analysis also shows that the 50-day SMA crosses above the 100-day and 200-day SMA, indicating bullish momentum and a buy signal for traders.
Shiba Inu Statistics
Shibburn data shows that around 13.6 million SHIB coins have been withdrawn from the ecosystem in the last 24 hours, increasing burn rates by 348.7%.
Continuous burning of cryptocurrencies suggests a possible short-term price increase.
IntoTheBlock data shows a 26.7% decline in large SHIB transaction volume and a 3% drop in daily active addresses.
Transactions over $100,000 have decreased from 555 to 461 in a single day.
Data from Shibariumscan shows that despite the drop in daily transactions, the project has managed to stay at the level of 4.5 million.
Community News
On December 10, Gemini introduced a perpetual contract priced in Gemini Dollars (GUSD), allowing users to exchange SHIB for the stablecoin.
This expands SHIB trading options alongside Gemini’s existing contracts for Bitcoin, XRP, Bitcoin Cash, and Dogecoin.
This feature benefits traders looking to take advantage of market movements without requiring significant initial capital.
You can also read: Dogecoin loses strength: Why is DOGE still linked to the fate of Bitcoin?
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