Benzinga - Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer', Shiba Inu (CRYPTO: SHIB), rose by 6% over the past day. This gain notably outshined its meme cryptocurrency rivals, including Dogecoin and Pepe (CRYPTO: PEPE).
What Happened: Cryptocurrency analyst AlanSantana shared insights on Shiba Inu’s trajectory, suggesting a potential pattern in its price movement.
“It will be a standard correction… Just as it happened after the peak in August, Shiba Inu retraced for about 2 months. We have a lower high in December which can lead to another correction, maybe 3-9 weeks in duration."
The analyst added, " June – August = Bullish Wave. August – October = Bearish Wave. October – December = Bullish Wave. December – February = Bearish Wave. Then we are likely to experience sustained long-term growth but retraces, shakeouts, price swings and corrections will continue to show up."
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Shibarium, Shiba Inu’s Layer-2 scaling solution, has recently experienced a swell in transaction activity on its network, culminating in a colossal burning of 8.2 billion SHIB tokens last week. The official Shiba Inu burn tracker has reported a 61% surge in daily token burns.
The practice of token burning, however, sparks contentious discussions within the Shiba Inu community on social platforms.
Price Action: At the time of writing, SHIB was trading at $0.0000099, up 8% in the last 24 hours according to Benzinga Pro.
Photo by Dennis Diatel on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.