Shiba Inu’s surging burn rate and technical breakout spark bullish momentum as the meme coin outperforms Bitcoin’s monthly gains amid crypto market euphoria.
Shiba Inu (SHIB) surged 3% to $0.00001372, reaching a seven-week high of $0.00001416 as Bitcoin’s rally past $122,000 boosted the broader crypto market. The meme token has gained 20% in July – outperforming Bitcoin’s 13% rise – while its weekly burn rate skyrocketed 2,080%, reducing circulating supply.
Technical analysis reveals strong support at $0.00001309 with 536.21 billion SHIB traded, while resistance sits at $0.000014103 backed by 2.44 trillion token volume. The RSI approaches 70, signaling strengthening momentum as SHIB forms an inverse head-and-shoulders pattern that often precedes breakouts. Some analysts predict a potential 1,500% rally if current trends continue.
SHIB’s market cap reclaimed $8 billion as developers advance AI-focused ecosystem initiatives. The token experienced brief 1% pullbacks as traders took profits, but maintains its upward trajectory with higher lows indicating sustained buying pressure.
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CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: CoinDesk.