Shiba Inu SHIB/USD has become a sensation on social media after registering a surge of about 30% over the weekend.
The Bulk of the rally was witnessed yesterday (August 14) after the meme coin gained about 27%. SHIB is still bullish today and there are high expectations that the bullish trend could continue for some days.
To help new investors and traders who are eyeing the coin, Invezz has created a brief article to assist crypto traders and investors understand the metrics behind the SHIB price surge and provide them with some of the best places where they can buy the meme coin.
To find out more, please continue reading.
What caused the SHIB price surge?
The recent SHIB price surge is pegged on Shiba Inu’s metric showing that the SHIB burn rate had surged by 85% on August 14. The Shiba Inu network has burned over $6.36 million worth of SHIB tokens in its lifetime, which is a high figure considering the price of a single SHIB token.
The rally also came about 10 days after Binance’s announcement that it had added SHIB and AVAX support on its payment cards issued in Europe. This move set the dog-themed meme coin for more exposure in the European cryptocurrency space.
Shiba Inu price prediction
After the price surge on August 14, analysts believe SHIB has broken out of a prevailing cup-and-handle pattern; something that has raised the prospects of the price of Shiba Inu raising further in the coming weeks.
A majority of analysts believe SHIB could see a 50% rise by September. In particular, there are indications that the meme coin could be headed for $0.00002253.
