Popular crypto YouTuber Oscar Ramos who has over 90k subscribers, posted a viral video in which he shared something that’s interesting for Shiba Inu holders.
The current crypto market shows promising signs, with Bitcoin reaching $68,000, creating an optimistic atmosphere across the entire cryptocurrency space. More importantly, recent data indicates increased activity from crypto whales in the SHIB ecosystem, suggesting potential upcoming price movements.
SHIB’s price has demonstrated remarkable resilience over the past 48 hours, maintaining key support levels. While previous significant price movements, such as the March 2024 pump, resulted in substantial but temporary gains, Ramos anticipates possible price increases within the next two weeks based on current market patterns.
Read also: Dogecoin (DOGE) Nears Key Support Level – Is an Uptrend on the Horizon?
The Shibarium Burn Initiative: A Potential Catalyst
Perhaps the most significant development comes from SHIB’s marketing lead, Lucy, who announced a new burning project through Shibarium. This initiative aims to reduce SHIB’s circulating supply, potentially affecting its price dynamics.
However, the current burn rates, which are in the millions of tokens, might need to scale significantly to create substantial price impact. Experts suggest that consistent burns in the billions or trillions would be necessary to meaningfully influence SHIB’s price.
The SHIB community continues to show strong holding patterns, with many investors, including Ramos himself, maintaining long-term positions. Their strategy often includes viewing market dips as accumulation opportunities rather than causes for concern, particularly as whales tend to increase their holdings during these periods.
The combination of sustained whale interest and the new Shibarium burn mechanism could create interesting market dynamics for SHIB. While the token’s price shows technical strength at current support levels, the effectiveness of these developments will largely depend on the scale of token burns and continued market participation.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
