Shiba Inu’s burning rate has skyrocketed by nearly 3,000% over the past 24 hours, yet the SHIB price remains lackluster.
SHIB is currently trading within a sideways range, with $0.00002 serving as a critical support level.
Rebel Satoshi’s RECQ, a fresh meme coin in presale, could offer a potential alternative.
The crypto market is facing challenges this week, with Bitcoin and most altcoins experiencing a decline, now trading below $68,000.
Although the Shiba Inu (SHIB) price has dropped by 7% this week, it is actually performing better compared to other top meme coins that have seen double-digit losses. Let’s delve deeper and explore one of the potential meme coin alternatives in this sector.
Shiba Inu’s Burn Rate Surges
The burn rate of Shiba Inu has surged this week, with a substantial 2814.65% increase in the past 24 hours. A total of 7,912,388 SHIB tokens have been burned (permanently taken out of circulation) during this period. The burn rate plays a crucial role for Shiba Inu as it diminishes the overall token supply, potentially enhancing the scarcity and value of the remaining tokens over time.
SHIB Price Analysis
Despite the impressive burn rate, the SHIB price is not showing strong performance, reflecting the overall downturn in the crypto market. However, investors should not be overly alarmed, as this is part of the natural cycle of the market.
An analysis of the SHIB/USDT chart shows that Shiba Inu has been trading within a sideways range since the meme coin frenzy from late February to mid-March. A sideways range is a period of consolidation where the price moves between two horizontal levels, in this case, between $0.00002 and $0.00003. The $0.00002 level has proven to be a crucial support level, with the price bouncing back multiple times from it.
As the coin is currently trading just 10% above this level, it is essential for Shiba Inu’s bulls to defend it.
Technically, the Moving Average Convergence Divergence (MACD) line has crossed below the MACD signal line, indicating a potential bearish trend. The Relative Strength Index (RSI) on the daily chart is currently at 30, signaling oversold territory, suggesting that the selling pressure may have gone too far.
While predicting an exact price is challenging, the current technical indicators and market sentiment do not present a favorable outlook for Shiba Inu in the short term.
Best Meme Coin to Consider Amid Shiba Inu’s Sluggish Performance
As Shiba Inu’s price struggles, investors may want to explore alternative meme coin opportunities. One such project is Rebel Satoshi’s RECQ, a new meme coin currently in its presale phase.
RECQ is a utility token that acts as the primary currency for all transactions, purchases, fees, and rewards within the Rebel Satoshi ecosystem. It is designed to facilitate interactions and liquidity across the platform, allowing users to easily earn, spend, and trade tokens within the arcade and broader universe.
During its presale phase, RECQ has successfully raised funds. The token is expected to launch at a price of $0.0125 (current price: $0.0044 USDT), with nearly 50 billion RECQ tokens already sold.
RECQ can be used to access the Rebel Satoshi Arcade, which features various games, including pay-to-play, play-to-earn, and free-to-play titles. Users can also use RECQ to explore exclusive NFTs within the platform.
To participate in the RECQ presale, follow these steps:
– Sign up for the presale by providing necessary information and verifying your email.
– Confirm your email to receive the presale link and updates.
– Use the presale link to purchase RECQ tokens during the presale period.
– Follow the instructions provided for the presale, including any specific payment requirements.
– Stay updated on announcements from the Rebel Satoshi team regarding the presale, token sale, and any process changes.
In conclusion, despite the significant increase in Shiba Inu’s burn rate, the SHIB price remains stagnant, struggling to break out of its sideways range. It is crucial to monitor the $0.00002 support level in the coming weeks.
Given the challenges in the broader crypto market, investors may want to explore alternative meme coin opportunities like Rebel Satoshi’s RECQ, currently available at discounted prices during its presale phase. For more information and updates, visit the official Rebel Satoshi Website or reach out to Rebel Red via Telegram.