Shiba Inu (SHIB) Rolls out Auto-Burn Feature to Boost Utility and Enhance DeFi Interactions

SHIB wallet addresses hit an all-time high, boosted by growing small retailers. Price holds near support at $0.00001274, as bulls eye a move to $0.00001450.

Shiba Inu has been a hot topic in the crypto sphere thanks to recent network upgrades that are boosting the token’s utility and broader DeFi capabilities.

Those upgrades, which include the introduction of an auto-burn mechanism, come as SHIB wallet addresses hit an all-time high.

Small investors are largely driving the latest leg of the SHIB price rally, and the chart shows that the bulls are now testing the crucial support at $0.00001274.

Shiba Inu has come back into the price discovery mode after a stellar 2023 so far, supported by a series of network upgrades that are streamlining the token’s utility and expanding its role in the broader decentralized finance (DeFi) ecosystem.

Those upgrades, which include the integration of an auto-burn mechanism to facilitate seamless token burning during crucial processes like swapping and staking within the Shiba Inu ecosystem, are unfolding as SHIB wallet addresses hit an all-time high.

This surge in new investors is largely driven by small retail traders, who are increasingly engaging with the Shiba Inu token, especially in increments of under $1,000.

As this momentum builds, investors are keeping a close watch on the SHIB price to see if it can breakout of its current consolidation phase.

Shiba Inu Price Analysis: New SHIB Price Targets

As the 9-day SMA flattens out at around $0.00001274, it signals a crucial support zone that the SHIB price is testing at the time of writing.

A sustained move below this level could open the door for further declines towards the psychological support at $0.00001200. Conversely, the chart also suggests a potential double-bottom pattern forming at around the $0.000012 region.

If this pattern holds, and the SHIB price manages to stay above the $0.00001270 support, it could pave the way for a short-term rally.

A bullish breakout above the $0.00001360 resistance may be needed to validate this move and set the stage for a continuation towards the $0.00001450 price bracket in the short-term.

Shiba Inu Price Prediction: SHIB Price Analysis

The price of 1 SHIB at the time of press is $0.00001283, down by 4.62% in 24-hour trades.

The immediate support level for the SHIB price is at $0.00001274, which is the 9-day SMA, and the next level of support is at $0.00001200.

On the other hand, the immediate resistance is at $0.00001360, which is the 21-day SMA, and the next level of resistance is at $0.00001450.

In the short term, the SHIB price is expected to consolidate between the 9-day SMA and the 21-day SMA. A breakout above the 21-day SMA could signal a continuation of the uptrend.

The SHIB price has been on a strong uptrend in 2023, and it is currently trading at the highest levels since May 2022.

The recent surge in the SHIB price can be attributed to a combination of factors, including the increasing adoption of cryptocurrencies, the growing popularity of meme coins, and a series of network upgrades by the Shiba Inu developers.

Those upgrades, which include the integration of an auto-burn mechanism to facilitate seamless token burning during crucial processes like swapping and staking within the Shiba Inu ecosystem, are unfolding as SHIB wallet addresses hit an all-time high.

This surge in new investors is largely driven by small retail traders, who are increasingly engaging with the Shiba Inu token, especially in increments of under $1,000.

As this momentum builds, investors are keeping a close watch on the SHIB price to see if it can breakout of its current consolidation phase.