Shiba Inu Jumps 3%, Outpaces Bitcoin as Burn Rate Accelerates
SHIB hits seven-week highs, riding the wave of Bitcoin’s surge and a skyrocketing burn rate.
Shiba Inu (SHIB), the world’s second-largest meme coin by market cap, has advanced over 3% in the last 24 hours, reaching a near seven-week peak of $0.00001416, according to CoinDesk.
The gains came amid Bitcoin’s fresh record highs above $122,000, which have fueled renewed optimism across the broader crypto market.
SHIB Outperforming Bitcoin This Month
So far in July, SHIB has soared 20%, outperforming Bitcoin’s 13% monthly gain. The token has reclaimed an $8 billion market cap, helped by growing speculation around AI-related initiatives within the Shiba Inu ecosystem.
Trading and Technical Highlights
- Daily Gains: From July 13 at 12:00 UTC to July 14 at 11:00 UTC, SHIB climbed from $0.000013314 to $0.000013720, marking a 3% increase on solid trading volume.
- Support Levels: SHIB has established a strong base around $0.00001309, backed by 536.21 billion tokens in volume.
- Resistance Levels: The primary resistance sits at $0.000014103, with 2.44 trillion tokens traded near that level.
- Short-Term Volatility: In the hour between 10:51 and 11:50 UTC on July 14, SHIB pulled back about 1% as traders locked in profits.
Technicals show a clear bullish structure, with higher lows indicating sustained demand. Meanwhile, SHIB’s 14-day Relative Strength Index (RSI) is approaching 70, hinting at strong upward momentum without yet signaling overbought conditions.
Burn Rate Fuels Bullish Outlook
A key driver behind SHIB’s recent rally is its soaring burn rate, up 2,080% over the past week. Analysts suggest the token could be primed for a rally of up to 1,500% if momentum continues and deflationary trends persist.
Additionally, SHIB appears to be forming an inverse head-and-shoulders pattern, a classic technical signal often preceding major upward moves.
Bottom Line:
Shiba Inu is once again capturing investor attention, outperforming Bitcoin and gaining traction thanks to an explosive burn rate and speculation over future AI developments. With technicals remaining bullish, SHIB could be gearing up for even bigger moves ahead.
