Shiba Inu (SHIB) Becomes Top Trending Crypto As Market Goes Green

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As the cryptocurrency market turns green again as Bitcoin (BTC) dominates the market after rallying over $17,000, it is another digital asset that is dominating the market in terms of searches and popularity as trendiest piece.

In fact, since January 9, Shiba Inu (SHIB) has been the most popular cryptocurrency, with the dog meme token ranking number one on CoinMarketCap’s trending list, followed by Bitcoin and Polygon (MATIC). .

SHIB is the most trending crypto asset. Source: CoinMarketCap

With a total market capitalization of $4.88 billion, the token is ranked sixteenth by its overall market value, after SHIB rose more than 5% on the day and another 8% in the previous week, changing of hands at $0.000008809.

7-day SHIB price chart. Source: Finbold

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.

Shiba Inu price was able to momentarily breach the crucial 50 daily moving average (MA) barrier of $0.0000087, which has served as the cryptocurrency’s cap since November 10.

SHIB continues to burn tokens

The meme token also benefited from the SHIB burning website reporting that the Shiba Inu burning rate increased by more than 1,300% due to millions of SHIBs being sent to dead addresses during the last day and a half. Over 37,400,646 SHIB tokens have been burned in the last twenty-four hours, and a total of twelve transactions have taken place during this time.

Notably, on January 7, developers of the Shiba Inu ecosystem said that every transaction on its layer-2 blockchain Shibarium network would burn the SHIB token. This news was made following the initial confirmation on January 4 that Shiba Inu’s BONE token will power Layer 2 network transactions.

Technical analysis SHIB

Considering TradingViews technical analysis (TA) indicators on the 1-day gauges for SHIB, sentiment is bullish, indicating a buy at 13. This summary is the result of oscillators pointing to neutral at 3 and moving averages suggesting a buy at 10.

1 Day SHIB Price Indicators. Source: Trading View

It’s worth mentioning that Finbold named Shiba Inu as one of the top five coins to watch in January 2023. Elsewhere, PricePredictions’ machine learning-based algorithms predicted that SHIB would trade at $0.000008036 d by the end of January.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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