Shiba Inu Gains 3% as Explosive Burn Rate Spurs Bullish Predictions

SHIB$0.0₅8270, the world's second-largest meme token by market value, has gained over 3% in the past 24 hours, hitting a nearly seven-week high of $0.00001416 at one point, according to CoinDesk data.

The move happened as market leader bitcoin topped $122,000 to set new lifetime highs, which galvanized momentum in the broader crypto market.

SHIB has surged 20% this month, outshining BTC's 13% gain. The BTC-beating performance has

Key AI insights

• SHIB posted a 3% gain during the 24 hours from 13 July 12:00 to 14 July 11:00, advancing from $0.000013314 to $0.000013720, supported by robust volume activity
• The token underwent volatile consolidation in the 60-minute session from 14 July 10:51 to 14 July 11:50, pulling back 1% to $0.000013722 as traders secured profits.
• Market analysts forecast a potential 1,500% rally for SHIB as the burn rate skyrockets 2,080% weekly,
• The meme-based token successfully recaptured the $8.00 billion market valuation threshold amid growing expectations for artificial intelligence-focused initiatives within the Shiba Inu ecosystem.

AI volume-price trend analysis

• In the past 24 hours, SHIB has confirmed a key support zone at $0.00001309 with substantial volume backing of 536.21 billion tokens.
• The resistance level has been identified at $0.000014103, accompanied by exceptional volume activity of 2.44 trillion tokens.
• The price chart shows a distinct upward trend pattern featuring a higher lows pattern that indicates persistent buying pressure.

RSI nearing 70

The token's 14-relative strength index, which measures the speed and change of price movements of a security over roughly two weeks,
is fast closing on the 70 mark, widely considered as an overbought threshold. However, in reality, it only indicates that the upward momentum is strengthening.

The bullish signal comes as the cryptocurrency looks to break out of an inverse head-and-shoulders pattern.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.