Shiba Inu Burn Rate Explodes, but SHIB Price Remains in the Flux – Best Meme Coin to Buy Now?

• Shiba Inu’s burn rate surged by almost 3,000% in the last 24 hours, but SHIB price remains sluggish.
• SHIB is trading in a sideways channel, with $0.00002 as a crucial support level.
• Rebel Satoshi’s RECQ, a new meme coin in presale, could be a potential alternative.

The crypto market is not faring well this week. Bitcoin, along with most altcoins, is down, now trading below $68,000. 

The Shiba Inu (SHIB) price also lost 7% this week, but this is actually lower than other top meme coins experiencing double-digit losses. Let’s dig into details and explore one of potential meme coin alternatives in this sector.

Shiba Inu Burn Rate Explodes

The Shiba Inu burn rate has exploded this week, with a pretty heavily 2814.65% increase in the last 24 hours.

A total of 7,912,388 SHIB tokens have been burned (permanently removed from circulation) during this period. The burn rate is important for Shiba Inu as it reduces the overall supply of tokens, potentially increasing the scarcity and value of the remaining tokens over time.

SHIB Price Analysis

Despite the impressive burn rate, the SHIB price is not performing well, mirroring the broader crypto market downturn. However, investors should not be overly concerned, as this is part of the market’s natural ebb and flow.

An analysis of the SHIB/USDT chart reveals that Shiba Inu has been trading in a sideways channel since the meme coin mania of late February to mid-March. 

A sideways channel is a period of consolidation where the price oscillates between two horizontal levels, in this case, between $0.00002 and $0.00003. The $0.00002 level has acted as a crucial support level, with the price rebounding from it multiple times. 

As the coin is currently trading just 10% above this level, it will be crucial for Shiba Inu’s bulls to protect it.

Source: TradingView

Technically, the Moving Average Convergence Divergence (MACD) line has moved below the MACD signal line, indicating a potential bearish trend. The Relative Strength Index (RSI) on the daily chart is currently at 30, which is considered oversold territory, suggesting that the selling pressure may be overstretched.

While it’s difficult to provide an accurate price forecast, the current technical indicators and market sentiment do not paint a promising picture for Shiba Inu in the short term.

5 hour ago, 10 wallets deposited 4.29T $SHIB (~$97.33M) to #Coinbase

10 above wallets have the same movements:
✅Those $SHIB were accumulated in 2 different times: Sept 2021 and March 2024
✅The avg entry is $0.00001309 👉 the profit will be $41.22M if sold all at current price pic.twitter.com/CYsMhYkgfc

— The Data Nerd (@OnchainDataNerd) June 11, 2024

Best Meme Coin to Buy Now While Shiba Inu is Slow?

As Shiba Inu’s price remains sluggish, investors may want to consider alternative meme coin opportunities. One such project is Rebel Satoshi’s RECQ, a new meme coin currently in its presale phase.

Rebel Satoshi’s RECQ is a utility token that serves as the base currency for all transactions, purchases, fees, and rewards within the Rebel Satoshi ecosystem. It is designed to facilitate interactions and liquidity across the platform, ensuring that users can easily earn, spend, and trade tokens within the arcade and wider universe.

The RECQ token supports all transactions and interactions within the Rebel Satoshi universe, ensuring liquidity and facilitating the flow of funds across the platform. It is part of a dual-token ecosystem, alongside $RBLZ, which is a governance and membership token, allowing for a more comprehensive and decentralized system.

During its presale phase, RECQ has successfully raised funds so far. The token is expected to reach a launch price of $0.0125 (current price: $0.0044 USDT). Almost 50 billion RECQ tokens were sold.

RECQ can be used to access the Rebel Satoshi Arcade, which features a variety of games, including pay-to-play, play-to-earn, and free-to-play titles. Users can also utilize RECQ to explore exclusive NFTs within the platform.

Rebel Satoshi’s team currently has a giveaway as they announced on their official X page (where they have almost 25k followers), details below:

Hurry up to join our #TaskOn with a 200 USDT prize pool 🔥

It's time for community to get some nice rewards 👉 https://t.co/KTHoHFZvcJ pic.twitter.com/W60b0iBgAV

— Rebel Satoshi (@rebel_satoshi) June 10, 2024

To participate in the $RECQ presale, follow these steps:

1. Sign up for the presale by providing the necessary information and verifying your email address.
2. Confirm your email address to receive the presale link and updates.
3. Use the presale link to purchase $RECQ tokens during the presale period.
4. Carefully follow the instructions provided for the presale, including any specific requirements for payment methods or token allocation.
5. Stay informed about updates and announcements from the Rebel Satoshi team regarding the presale, token sale, and any changes to the process.

Conclusion

To sum it up, even though the Shiba Inu burn rate has exploded, the SHIB price remains in flux, struggling to break out of the sideways channel. It will be crucial to protect the $0.00002 support level in the weeks ahead.

The broader crypto market faces challenges with the upcoming FOMC meeting this week, so  investors may want to research alternative meme coin opportunities, such as Rebel Satoshi’s RECQ, which is currently in its presale phase and available at discounted prices.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.