At a time when the cryptocurrency market continues to trade sideways, a well-known supporter of the meme-inspired cryptocurrency Shiba Inu ($SHIB) recently indicated the cryptocurrency might soon rise to move to an 8-month high of about $0.0003.
The price of SHIB might soon rise to levels it hasn’t seen in eight months, according to a post by analyst $SHIB Knight on the microblogging site X (previously known as Twitter). This is because it is believed that SHIB has achieved its lowest point of the trend and is expected to rise in the near future.
The expert made a suggestion that while the price of cryptocurrencies is stable, there is a build-up that may cause a spike.
Crypto Analyst: Shiba Inu ($SHIB) May Reach an 8-Month High Soon,Crypto Analyst: Shiba Inu ($SHIB) May Reach an 8-Month High Soon
Even if the meme-inspired cryptocurrency underperforms, a number of analysts have shown notable optimism in it. But the community behind it hasn’t stopped growing—it just burned 164 million SHIB tokens in a single day.
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By burning tokens, you may take them out of circulation and lower the amount of bitcoin that is available for purchase by transferring them to wallets that are under your complete control. The price may increase if low supply is matched by increased demand.
The increasing burn rates coincide with Shibarium, the layer-2 scaling solution for the Shiba Inu ecosystem, seeing its transaction counts reach a new all-time high moments after the network was brought back up.
The Shibarium network has seen transactions surpass two million earlier this month to stand at 3.2 million, with over 860,000 blocks being completed on the network, according to statistics from Shibarium network explorer Shibariumscan.
The 162-year-old Swiss luxury timepiece TAG Heuer began taking SHIB and DOGE payments last year, in addition to eleven other cryptoassets, as reported by CryptoGlobe.
The company “designs, manufactures, and markets fashion accessories and watches, as well as mobile phones and eyewear made by other companies under licence and bearing the TAG Heuer brand.”
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Customers of the well-known banking giant HSBC may now pay their mortgage bills and loans using a variety of cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB), according to a statement made earlier this month by the blockchain payments system FCF Pay.
Shiba Inu ($SHIB) May Reach an 8-Month High Soon,Crypto Analyst: Shiba Inu ($SHIB) May Reach an 8-Month High Soon,Shiba Inu ($SHIB) May Reach an 8-Month High Soon