New York
31
light snow
Wednesday, February 12, 2025
Light
Dark

Shiba Inu (SHIB) Defies Expectations, Emerges as Strong Contender in Crypto

Shiba Inu (SHIB) Defies Expectations, Emerges as Strong Contender in Cryptocurrency Trading Despite being labeled the "DOGE Killer" in the past, **Shiba Inu (SHIB)** has emerged as a strong contender in cryptocurrency trading, defying expectations and showing resilience. Despite the increasing competition in the memecoin market, SHIB is experiencing significant activity, driven by recent developments …

Shiba Inu (SHIB) Defies Expectations, Emerges as Strong Contender in Cryptocurrency Trading

Despite being labeled the “DOGE Killer” in the past, **Shiba Inu (SHIB)** has emerged as a strong contender in cryptocurrency trading, defying expectations and showing resilience. Despite the increasing competition in the memecoin market, SHIB is experiencing significant activity, driven by recent developments and increased demand from whales and investors.

The latest rally has been further strengthened by the use of the token as collateral for perpetual futures on Kraken, which has opened up new markets for traders and investment professionals. **SHIB’s trading ecosystem has been significantly enhanced**, with over 200 perpetual futures that can be pledged as collateral. Additionally, its burn rate has seen a remarkable surge, with 96 million tokens being burned, marking 87.9% of the total and demonstrating broader community engagement.

SHIB’s long-term plan is centered around using this burn mechanism to decrease its circulating supply, which will ultimately **boost the value of the token**. Additionally, there is an increasing demand for SHIB among investors and whales, with data showing that whale holdings have increased from 588.73 trillion SHIB to 589.61 trillion SHIB since August 5, and investor holding has also increased significantly from 125.44 trillion SHIB in 2012 to 131.83 trillion SHIB over the same period.

The rise indicates that bigger companies are gathering SHIB, which may result in a more significant increase in prices. However, retail holdings have fallen slightly from 262.14 trillion SHIB to 264.75 trillion USD, although this drop could be due to profit-taking or softer sentiment among smaller investors.

Overall, the demand for SHIB looks likely to continue, with ongoing growth. From – and even from —parity bullion, SHIB has been trading in an ascendant triangle/wedge pattern since its peak high in March. This pattern is typically preceded by a significant breakout, and retracing to the next major resistance level near $0.00002951 could result in achieving -100% or above growth.

Furthermore, restoring SHIB to its previous all-time high (ATH) would yield over 500% upside, an exciting prospect for investors. However, the burn mechanism may ultimately lower it in the long run. As the ecosystem of the token grows, its value may **appreciate to a great extent**, making SHIB an attractive investment opportunity.

In essence, Shiba Inu is proving to be resilient and capable of meeting the needs of its community members. Despite increasing competition in the memecoin market, SHIB is prospering due to recent developments, increased demand, and vigor from users. Investors can benefit from SHIB’s potential for exposure to the cryptocurrency market, as its technical setup suggests a breakout.

For more insights and information on Shiba Inu and the cryptocurrency market, check out this informative article on [CoinSeeks.com](https://www.coinseeks.com/shiba-inu-price-prediction-2023/): “Shiba Inu Price Prediction 2023: Will SHIB Reach $0.0001?”

Kaan Akdag

Kaan Akdag

Subscribe to Our Newsletter

Keep in touch with our news & offers

Thank you for subscribing to the newsletter.

Oops. Something went wrong. Please try again later.

What to read next...

Leave a Reply

Your email address will not be published. Required fields are marked *