Shiba Inu’s burn rate has skyrocketed by nearly 3,000% in the past 24 hours, yet the SHIB price remains stagnant.
SHIB is currently trading within a sideways channel, with $0.00002 serving as a critical support level.
Rebel Satoshi’s RECQ, a new meme coin in the presale stage, emerges as a potential alternative.
The cryptocurrency market is facing turbulence this week, with Bitcoin and most altcoins experiencing a decline, now trading below $68,000.
While the Shiba Inu (SHIB) price has dropped by 7% this week, it is performing better than other leading meme coins that are undergoing double-digit losses. Let’s delve into the details and explore a potential meme coin alternative within this sector.
Shiba Inu Burn Rate Soars
This week saw a significant surge in the Shiba Inu burn rate, with a substantial 2814.65% increase in the past 24 hours. A total of 7,912,388 SHIB tokens have been burned, permanently reducing the token supply. This burn rate is crucial for Shiba Inu as it could enhance the scarcity and value of the remaining tokens over time.
SHIB Price Analysis
Despite the impressive burn rate, the SHIB price is struggling, reflecting the broader downturn in the crypto market. However, investors should not panic, as market fluctuations are a natural occurrence.
A closer look at the SHIB/USDT chart reveals that Shiba Inu has been trading sideways since the meme coin frenzy from late February to mid-March. This sideways movement occurs between $0.00002 and $0.00003, with $0.00002 acting as a crucial support level, witnessing multiple price rebounds.
As SHIB is currently trading only 10% above this support level, it is imperative for Shiba Inu’s supporters to defend it.
From a technical perspective, 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, considered oversold, suggesting that selling pressure may have reached its peak.
While predicting the price accurately is challenging, the current technical indicators and market sentiment do not bode well for Shiba Inu in the short term.
Best Meme Coin to Consider Amid Shiba Inu’s Slow Performance
As Shiba Inu’s price remains stagnant, investors may want to explore alternative meme coin opportunities. One such option is Rebel Satoshi’s RECQ, a new meme coin in its presale phase.
RECQ serves as the primary utility token within the Rebel Satoshi ecosystem, facilitating transactions, purchases, fees, and rewards. It promotes liquidity and interaction across the platform, enabling users to earn, spend, and trade tokens seamlessly.
During the presale phase, RECQ has raised significant funds and is expected to launch at $0.0125. With almost 50 billion RECQ tokens sold, investors can access the Rebel Satoshi Arcade and explore various games, NFTs, and exclusive content using RECQ.
To participate in the RECQ presale, users must sign up, verify their email, follow the provided instructions, and stay updated on announcements from the Rebel Satoshi team.
In conclusion, while the Shiba Inu burn rate has surged, the SHIB price remains subdued. Investors should monitor the $0.00002 support level closely in the coming weeks. Given the challenges in the crypto market, exploring alternative meme coin opportunities, such as Rebel Satoshi’s RECQ, could prove beneficial. Visit the official Rebel Satoshi website for more information and updates.
