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Shiba Inu has gained over 16% in value after the burn rate surpassed the 1,300% mark and PuppyNet was released. This surge follows an uptrend that began about a week ago. The launch of PuppyNet L2 chain for Shiba Inu was a highly anticipated event expected to bring more value and activity to a SHIB network that has recently been experiencing a crisis due to the lack of useful cases on the blockchain.
The burn rate refers to the rate at which Shiba Inu coins are taken out of circulation, which decreases the total supply of the asset. The higher the burn rate, the greater the scarcity of the token, which can potentially drive up its value. Shiba Inu's burn rate reaching the 1,300% mark is a significant milestone for a cryptocurrency that has been gaining popularity in recent months.
Of late, the cryptocurrency market has been experiencing a period of volatility, with many assets experiencing significant price fluctuations. While Shiba Inu's recent rebound may be a positive sign for its investors, it is important to keep in mind that cryptocurrency markets are notoriously unpredictable and can change rapidly.
Cardano pull back
Cardano (ADA) has faced strong resistance after breaking through the 50-day moving average, which was expected to be a fuel for the trend's continuation. Instead, the move has turned out to be a reversal point for the asset, and the failed breakthrough could be a sign of bearish dominance on Cardano markets.
The failed breakthrough of the 50-day moving average could be an indication that the market is not convinced of Cardano's potential growth. The resistance level has proven to be a challenge for the asset, with multiple attempts to break through resulting in a swift rejection.
Furthermore, the bearish dominance on the markets could also be attributed to overall market sentiment. Many cryptocurrencies, including Bitcoin and Ethereum, have been struggling to gain momentum and break through their respective resistance levels. This lack of bullish momentum across the market could be weighing down Cardano's price action.
Dogecoin's comeback
Dogecoin (DOGE) has surprised traders by making an unexpected return inside the descending triangle pattern, which typically indicates a bearish trend continuation. DOGE had previously broken down below the local support level of the pattern, which should have been a signal for further bearish movement. However, the cryptocurrency found some strength on the market that pushed it back inside the pattern.
This move could signal a trend reversal for DOGE, as it moves toward the upper border of the chart pattern. However, it is important to note that a single move inside the pattern does not guarantee a reversal of the trend.
Currently, DOGE is trading at $0.075, and its next moves will be closely watched by traders and analysts alike. If the cryptocurrency can break above the upper border of the descending triangle, it could indicate a trend reversal and potential bullish movement. On the other hand, if DOGE fails to break through this resistance level, it may continue to trade within the descending triangle pattern and potentially resume its bearish trend.
Alex Dovbnya
