Renowned analysts Rekt Capital and Xanrox have suggested that Shiba Inu (SHIB) may replicate its impressive bull run from 2021. In March 2024, the burn rate of SHIB tokens skyrocketed by 2330%, with 15.64 billion tokens being burned. This surge in burn rate was a significant milestone for SHIB, as it surpassed the $0.00004 threshold after a period of underperformance lasting nearly two years. During the remarkable rise of 2021, SHIB experienced an unprecedented 85 million percent increase in value, making early investors millionaires in a short amount of time.
Rekt Capital, a renowned cryptocurrency analyst, shared insights with his large following on X, suggesting that SHIB could potentially replicate its 2021 bull run. By referencing charts, he illustrated how Shiba Inu is following a pattern similar to the one observed during the 2021 bull market.
Another popular analyst, Xanrox, stated that the current dip in SHIB price provides investors with an opportunity. Using the Fibonacci retracement tool, Xanrox conducted a comprehensive analysis to gauge potential support and resistance levels. Based on this analysis, Xanrox identified $0.00002250 as a crucial price level for buying SHIB before a potential price surge. Xanrox also outlined a target of $0.00006619 for SHIB, indicating further bullish action.
The burn rate of SHIB tokens saw a massive increase of 2330% in March, according to Shibburn, the meme coin’s burn tracker. This surge was driven by 217 transactions and resulted in a significant reduction in the token supply. The total number of tokens burned from Shiba Inu’s initial supply now stands at 410.72 trillion SHIB.
Reflecting this optimism, SHIB experienced a notable monthly surge in March, reaching as high as $0.44. However, the token’s price is currently exhibiting high volatility and is in a consolidation phase. As of now, Shiba Inu is trading at $0.0000289 with a market cap of $17.03 billion. The daily trading volume for SHIB has also increased by 45%.
The recent decline in price aligns with the token’s derivatives data, which shows a significant decrease in open interest and an increase in volume. These metrics indicate increased trading activity and short-term trading, contributing to the bearish outlook for the asset. The asset’s OI-weighted funding rate remains relatively low at 0.0299%, further supporting this trend.
Furthermore, the Relative Strength Index (RSI) suggests that the asset is neither overbought nor oversold, with an RSI of around 56.
