Shiba Inu sat on the trend throne. As the cryptocurrency market turns green again as Bitcoin (BTC) dominates the market after hitting $17,000, it is another digital asset that dominates the market in terms of search and popularity as the most popular page .
In fact, since January 9, Shiba Inu (SHIB) is the most popular cryptocurrency, and the dog meme token ranks first in CoinMarketCap’s trending list, followed by Bitcoin and Polygon (MATIC).
With a total market capitalization of $4.88 billion, the brand is 16th by market value overall, after SHIB rose more than 5% during the day and another 8% over the past week, changing hand at $0.000008809.
Since December 28, when it hit a low of $0.0000079, the price of SHIB has risen significantly. Since December 30, the cryptocurrency has recorded nine out of ten green days.
The price of Shiba Inu may temporarily break the 50 important daily moving average (MA) of $0.0000087, which has been working as a cryptocurrency vault since November 10. SHIB continues to burn
The meme token also benefited from the fact that the SHIB burning website reports that Shiba Inu burning has increased by more than 1,300% because millions of SHIB were sent to dead addresses in the last days and medium.
More than 37,400,646 SHIB tokens have been burned in the last 24 hours, and a total of 12 transactions have taken place during this period. Apparently, on January 7, the developers of the Shiba Inu ecosystem said that every transaction on the Layer-2 blockchain network Shibarium will burn the SHIB token.
This information was followed by the original confirmation on January 4 that the Shiba Inu bone symbol will strengthen Layer 2 network transactions.
Shiba Inu Technical Review
Considering TradingView’s technical analysis (TA) indicators and 1-day gauges for SHIB, the feeling is bullish, showing “buy” at 13. This summary is due to the oscillators pointing to “neutral” and 3 and the moving average suggest “buy” to 10. It is worth mentioning that Finbold named Shiba Inu one of the top five coins to watch in January 2023. Elsewhere, PricePredictions’ machine learning algorithms predict that SHIB will trade at $0.000008036 d at the end of January.