Shiba Inu Jumps Over 3%, Outpaces Bitcoin as Burn Rate Soars
Meme token surges on strong technicals and market momentum.
Shiba Inu (SHIB), the world’s second-largest meme cryptocurrency by market cap, rallied over 3% in the past 24 hours, hitting a nearly seven-week high of $0.00001416, according to CoinDesk data.
The rise came as Bitcoin crossed $122,000, sparking enthusiasm across the crypto market and fueling interest in altcoins and meme tokens alike.
SHIB Leaves Bitcoin Behind in Monthly Gains
So far in July, SHIB has surged 20%, easily outperforming Bitcoin’s 13% gain. This outperformance pushed Shiba Inu’s market capitalization back above $8 billion, amid optimism about potential AI initiatives emerging within its ecosystem.
Market Action and Technicals
- 24-hour move: Between July 13 at 12:00 UTC and July 14 at 11:00 UTC, SHIB rose from $0.000013314 to $0.000013720, gaining 3% on solid volume.
- Support: Firm support has formed at $0.00001309, underpinned by 536.21 billion tokens traded around that level.
- Resistance: SHIB is testing resistance at $0.000014103, where trading volumes spiked to 2.44 trillion tokens.
- Volatility: In the hour from 10:51 to 11:50 UTC on July 14, SHIB slipped about 1% to $0.000013722, reflecting quick profit-taking before stabilizing.
Technicals indicate a bullish trend, as SHIB prints a series of higher lows. The 14-day Relative Strength Index (RSI) is nearing 70, signaling strong upward momentum but not yet suggesting overbought conditions.
Burn Rate Fuels Optimism
A major driver behind SHIB’s rally is its exploding burn rate, which surged 2,080% this past week. Market analysts predict SHIB could rally as much as 1,500% if the burn pace continues, tightening supply and supporting higher prices.
Adding to the bullish picture, SHIB is forming an inverse head-and-shoulders pattern, often seen as a sign of a potential breakout to higher levels.
Bottom line:
Shiba Inu is riding high on surging market momentum, robust technicals, and an accelerating burn rate, outpacing Bitcoin’s gains this month. Traders and analysts alike are watching for whether SHIB can break past resistance and extend its rally further.
