Shiba Inu (SHIB) had an impressive year in 2021, rising by over 1,000% to become one of the market’s best performers. However, like many other coins, SHIB has been on a bear run this year.
What is the future of the crypto market’s second-largest meme token?
Shiba Inu Price Action
Currently, SHIB trades at $0.00001132. The asset is amid a 3% uptrend in the past 24 hours, bringing its total gain to 4% on the weekly chart. As one of the market’s leading coins, SHIB has benefited significantly from the 24-hour rally in broader coin prices. The crypto market has added 4% to its capitalization in the past 24 hours.
However, SHIB is still bearish technically. The digital asset only trades above its 10-day moving average; every other important MA indicator – from 20-day to 200-day – still trades above its price.
SHIB’s negative moving average convergence divergence (MACD) demonstrates a sell signal, although day traders would appreciate the asset’s relatively low relative strength index (RSI) of 47.53.
SHIB Burn Mechanism Kicks Into High Gear
One of the biggest reasons SHIB has been on the rise is progress with its token burn mechanism. A tracker revealed that the asset’s token burn had reached triple digits on Sunday – an increase of 1,031% at the time.
Data indicates that 29 million SHIB tokens have been burned in the past 24 hours, meaning that the asset continues to make significant progress in its mission to become a deflationary coin.
Of course, there is still a massive amount of SHIB in circulation. The asset’s total supply is 559,798,745,474,173, much higher than most coins.
Notably, the Luna Classic community’s 1.2% tax burn was implemented earlier this month in an attempt to fix this problem.
With a circulating supply that is over 100 times that of LUNC, SHIB has a much more significant supply problem. However, the token burn mechanism appears to be a long-term fix.
Upcoming Shibarium Launch
The SHIB ecosystem is about to welcome Shibarium – a layer-two scaling protocol built on the Shiba inu blockchain.
Earlier this month, the Unification xFund, which is in charge of the Shibarium network, confirmed that they planned to release documentation for Shibarium later this quarter. The documentation will allow prospective users to glimpse how the network works and what they can do to access it.
With Shibarium, developers can create and launch products on the Shiba Inu blockchain and start a business. The scaling solution appears to be Shiba Inu’s attempts to create an environment of decentralized applications (dApps), putting it in the same company as networks like Ethereum.
Tamadoge: High-Quality Meme Coin Ready for Liftoff
SHIB has become one of the best meme coins in the market. However, there is a new meme token on the block.
TAMA, the platform token for Tamadoge, looks set for an impressive surge. Tamadoge is a blockchain gaming project that allows players to purchase non-fungible tokens (NFTs) as digital pets and battle them. The end goal is to win battles and earn rewards in TAMA tokens.
Following a successful presale where it earned $19 million in eight weeks, TAMA is now set for its public debut. The asset is expected to list on the OKX exchange today, with other exchange listings coming down the line.