In a surprising turn of events, the hype surrounding Shibarium may have died down, but the Shiba Inu coin’s burn rate has skyrocketed by a whopping 270% in the past 24 hours. This notable increase in burn rate translates into a significant reduction in the overall supply of Shiba Inu coins, potentially paving the way for increased demand. Many in the crypto community see this as the catalyst and breakthrough moment Shiba Inu needs.
TVL Trends and Short-Term Swings: Signs of a Shiba Inu Momentum Shift?
While tokens within the Shiba Inu ecosystem, including SHIB, Bone, and LEASH, have suffered losses in line with broader crypto market trends, experts suggest that these short-term swings could signal an impending shift in momentum. For example, SHIB has seen a 6.85% decline in its seven-day performance, and LEASH and BONE have suffered significant losses, with the latter falling more than 22%. Despite these setbacks, optimism is in the air.
Currently, SHIB is priced at $0.00000767, with a slight drop of 0.1% in the last 24 hours and a drop of 5.4% in the last seven days. Meanwhile, ShibaSwap, the DeFi platform where SHIB, LEASH, and BONE are traded, boasts about $23.4 million in Total Value Locked (TVL). Over the past 24 hours, TVL is up 0.51%, though it has declined 10.95% over the week.
Why analysts believe SHIB’s bear cycle is nearing its end
Analysts who examine the charts and trajectories in the Shiba Inu community believe that this trend could mark the end of the bear phase. Lucie, a content specialist, acknowledged the challenges of ongoing losses, but emphasized the team’s active efforts to increase the value of the ecosystem. She emphasized the importance of Shibarium’s decentralized structure as a key driver for growth and affirmed the team’s patient approach to project launches, putting fairness and community well-being at the forefront.
Trading Strategies: Long term investing and DCA recommended
In terms of trading volumes, Lucie encourages long-term investing and Dollar-Cost Averaging (DCA). She referred to a chart illustrating Bitcoin’s historical pattern and suggested that the bearish days may be coming to an end. Lucie also highlighted the positive correlation between Shiba Inu and Bitcoin.
Preparing for a potential bull season
In conclusion, Lucie’s chart analysis urges the Shiba Inu community to prepare for a potential bull season 33 to 35 months after a 14-month bear market cycle, a pattern seen since 2014. The key lessons for investors and traders are to keep a close eye on Shiba Inu trading volume and burn rate as these indicators could signal a market shift. These insights are invaluable to short-term traders and long-term investors alike.