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SHIB on Verge of Breakout? Here's What Shiba Inu Insider Says

Fri, 21/06/2024 - 8:55
SHIB on Verge of Breakout? Here's What Shiba Inu Insider Says
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In a recent tweet, the Shiba Inu team’s marketing lead, Lucie, addressed the SHIB army as she was pondering whether the SHIB meme coin is about to enter the “optimism,” stage, which promises a major price surge.

The next stages after “optimism” are “belief,” “thrill” and “euphoria,” with price jumps even higher.

SHIB executive hints at possible surge soon

Lucie published a screenshot of the “Wall Street Cheat Sheet,” which shows all the psychological stages of a market cycle reached by assets, with all the ups and downs – disbelief, hope, optimism, belief, complacency, anxiety, denial and several others.

Lucie believes that Shiba Inu might be about to enter the “optimism” stage, which is characterized by a notable price increase. This step on the diagram is described as, “This rally is real.”

“Optimism” is followed by “belief” (“Time to get fully invested,” the diagram says), then comes “thrill” (“I will buy more on margin. Gotta tell everyone to buy!”), and “euphoria” (accompanied by slogans: “I’m a genius! We’re all going to be rich!”).

SHIB price action

The reaction of the SHIB army to that statement was mixed, with many optimistically agreeing with Lucie and expecting a price increase soon. However, many SHIB fans in the comments also expressed their doubt and uncertainty about Lucie’s assumptions.

After the massive 11% decline that SHIB saw on Tuesday (with a large red hourly candle), the second largest meme cryptocurrency has been trading sideways, moving in a range between the $0.00001772 support and the $0.00001891 resistance, striving to break through the latter.


SHIB burns soar 530%

Meanwhile, a major Shiba Inu metric, the burn rate, has demonstrated an impressive 530% increase over the past 24 hours. Thus, a total of 37,534,163 meme coins were transferred to unspendable blockchain addresses.

Out of 13 transactions, six were made from the same -d3e43 wallet, as it burned 15.8 million SHIB. The largest transaction, made by another wallet, carried 10,027,548 SHIB.

So far, 410,727,009,502,240 SHIB from the total circulating supply have been burned already. However, the 410 trillion SHIB were burned by Ethereum cofounder Vitalik Buterin in 2021. The rest has been burned since the start of 2022 by the joint forces of the community and the SHIB team.


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