Shiba Inu (SHIB) Flashes Signs of a Potential Breakout Ahead of US Presidential Inauguration

Shiba Inu (SHIB), the popular meme coin, is flashing signs of a potential breakout. Technical analysis has pointed out a bullish pennant formation

Shiba Inu (SHIB), a popular meme coin, has been displaying promising signs on the technical front. According to recent analysis, a bullish pennant formation is unfolding on SHIB's 1-hour chart, accompanied by decent trading volume. This technical pattern is often indicative of a potential price surge.

The bullish pennant on SHIB's 1-hour chart suggests a period of consolidation before the next big move. This bullish pattern, combined with increasing trading volume, is hinting at a potential price surge for SHIB.

Moreover, the burn rate for SHIB has surged by an impressive 6200%, with a total of 290,321 SHIB tokens being burned and sent to dead wallets. This burn activity, as highlighted by Shibburn, is aimed at reducing the overall circulating supply of the meme coin.

This uptick in burn activity, as noted by Shibburn, underscores the community's initiative and the heightened interest in SHIB. As the burn tokens are permanently removed from circulation, it aligns with the principles of supply and demand, boding well for the coin's price trajectory.

A recent update from Shibburn also indicates a burning rate of 135 million SHIB tokens per week, further bolstering the bullish sentiment.

To add to this, the number of Shiba Inu holders has hit a record high of 1,427,381, attesting to the strong community support and growing investor interest in SHIB. This bullish sentiment, coupled with the potential catalyst of the upcoming US presidential inauguration, could serve to fuel the rally further.

Shiba Inu's consolidation phase seems to be closing in on itself. Now we accumulate til the next catalyst which IMO (Not advice) looks like January 20th during the inaugural ceremony of the next President of the United States of America. Who is pro-cryptocurrency?

Shiba Inu Developer Teases Aggressive Marketing Plans for 2024

It is important to note that cryptocurrencies are highly volatile assets and subject to market fluctuations.

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