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Title: Shiba Inu (SHIB) Price: Breaks Free From Year-Long Downtrend, What’s Next?
Shiba Inu, the popular meme-based cryptocurrency, has finally broken free from its year-long downtrend. The price of SHIB has shown significant growth in recent days, and many are wondering what this means for the future.
In a tweet, crypto security firm PeckShield reported that hackers had exploited a breach at Bitrue exchange in 2023 to obtain a large number of SHIB tokens, which they then exchanged for Ethereum (ETH) and other cryptocurrencies. While this news may initially cause concern about the stability of the SHIB market, it’s important to note that the project’s daily burn rate has increased by over 1,500%, with 11.8 million SHIB burned per day.
As a result of this increase in burns, the supply of SHIB in circulation has decreased significantly, from over 999 trillion tokens initially to around 589 trillion today.
Despite the negative impact of the recent hack on the market sentiment, there are signs that the broader crypto market is shifting towards a risk-on phase. The Fear & Greed Index currently reads 61 (“Greed”), indicating increased positivity and optimism among investors.
It’s essential for SHIB to hold above current resistance levels in order to confirm a breakout towards the $0.000145 target range. Meanwhile, Shibarium, the Layer 2 blockchain network of Shiba Inu, continues to gain traction, with cumulative transaction volume exceeding $1 billion.
The recent surge in Shibarium addresses and transactions may help propel the growth momentum for SHIB as well.
Source: https://coincentral.com/shiba-inu-shib-price-breaks-free-from-year-long-downtrend-whats-next/
