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Cryptocurrency analyst and trader Ali Martinez has shared analytics data from a popular indicator that “has proven remarkably precise in predicting Shiba Inu price movements.” Now, this indicator says the second largest meme cryptocurrency is seeing massive growth of 122,122.22% and burn whopping four zeros.
"SHIB could potentially reach $0.011"
Martinez has tweeted the TD Sequential Indicator shows a buy signal for popular meme cryptocurrency Shiba Inu. The analyst believes that this reading hints that the SHIB price could be preparing to make an upswing and potentially climb to the $0.010 level or even reach $0.011, burning a whole four zeros.
This potential growth would constitute a mind-blowing 122,122.22% from the price of $0.00000910, where SHIB is exchanging hands at the time of this writing.
SHIB whale activity surges
According to recent data provided by IntoTheBlock, recently the activity of Shiba Inu whales has increased by a staggering 1,100% as transactions with large amounts of this popular meme token have increased in number.
Last week, large Shiba Inu wallets transferred more than $80 million worth of SHIB within merely 24 hours. Later, over the past week, astounding SHIB chunks close to one trillion and half a trillion of these meme tokens exchanged hands, as was noticed by the Etherscan tracker.
SHIB burns plunge following price
Shibburn tracker has detected a substantial plunge in the SHIB burn rate that has occurred over the last 24 hours. The decline constitutes 91.51%, with as few as 5,213,658 Shiba Inu meme coins destroyed.
The biggest SHIB chunks burned this time contained 1,987,896; 1,251,653 and 1,111,111 Shiba Inu meme coins.
The ultimate goal of these burns is to attempt to reduce the overall circulating supply of SHIB and thus reach a potential price increase, pushing the meme coin to a new all-time high. Thus far, since 2021, half of the quadrillion SHIB supply has been locked in unspendable blockchain wallets — 410,708,120,571,028 SHIB. A whopping 581,301,400,424,601 Shiba Inu is still circulating on the market, with part of it being held by investors.
Meanwhile, the SHIB burn rate curve seems to be moving in tandem with the SHIB price so far; within the last 24 hours, it has demonstrated a plunge of 4.30% as it dropped from $0.00000945 to the $0.00000905 mark.
Dan Burgin
U.Today Editorial Team
