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Renowned Crypto Analyst Highlights SHIB’s Remarkable Growth Despite Quiet Market

Popular crypto analyst Ali Martinez recently shared a post about Shiba Inu. Despite the relatively calm altcoin rises seen in different altcoins in the last two weeks due to the rise in Bitcoin, he emphasized that Shiba Inu (SHIB) has achieved significant growth in recent months. Martinez noted that SHIB’s value has increased by 55% in the last three months, indicating a solid price movement.

Current Situation of Shiba Inu

The increase in SHIB price can be linked to the broader crypto market situation where a major rally started with Bitcoin surpassing the $40,000 level for the first time in a year at the end of October and early November 2023. This rise in sentiment was reflected in SHIB and other altcoins in the crypto market.

Along with the increase in Bitcoin’s price, there was a significant increase in the rate of burn for Shiba Inu. The burning process in tokens permanently removes them from circulation and potentially reduces supply, which increases demand for the token.

The burning process specific to SHIB gained more importance with the recent burning of more than 8.2 billion SHIBs. What made this significant was the burns that took place through Shibarium. This was directed to initiatives like ShibBurn from Shibarium. All these developments created significant support in the recent increases in SHIB price.

Future of Shiba Inu (SHIB) Coin

While Martinez believes more growth is possible for SHIB, he pointed out a significant resistance area that the memecoin might potentially hinder its upward movement.

The analyst also noted that approximately 90,000 SHIB addresses currently own over 422 trillion SHIBs with purchases at and above $0.000016, which could potentially lead to a concentration in the memecoin.

These SHIB whales can be pressured to sell as they currently hold onto their coins despite their losses, and if they do sell, purchase points in the market will drop. This could cause new investors with lower purchase costs to lower the price.

In the last few months, as more than 4 trillion SHIBs have been traded in multiple transactions, many whales have formed within the Shiba Inu community. Some of these whales may be looking for opportunities to sell the coins they hold, and this situation could be turned into a perfect opportunity in terms of SHIB’s current rise.

There has been an impressive 18% increase in the SHIB price over the last seven days. However, after this rise, the upward momentum in the altcoin disappeared and has fallen back below $0.00001 as of writing time.

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