Is SHIB on the Verge of a Breakout? Insider Reveals Details
Lucie, the marketing head of the Shiba Inu team, highlighted the potential for the SHIB meme coin to progress into the “optimism” phase, which could lead to a substantial price rally. This phase is followed by “belief,” “thrill,” and “euphoria,” which are associated with even greater price increases.
Unveiling Lucie Stance
Lucie presented a screenshot of the “Wall Street Cheat Sheet,” outlining the various psychological stages of a market cycle experienced by assets, including disbelief, hope, optimism, belief, complacency, anxiety, denial, and others.
According to their post on X, Lucie stated that Shiba Inu might be on the brink of entering the “optimism” stage, characterized by a significant price surge. According to the diagram, this stage is described as “This rally is real.”
“Optimism” is followed by “belief” (“Time to get fully invested,” according to the diagram), then “thrill” (“I will buy more on margin. Gotta tell everyone to buy!”), and finally “euphoria” (accompanied by slogans like “I’m a genius! We’re all going to be rich!”).
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SHIB price movements:
The response from the SHIB community to Lucie’s statement was varied, with many expressing agreement with optimism and anticipating a price upturn. However, several SHIB supporters in the comments also shared their skepticism and uncertainty regarding Lucie’s assumptions.
Following a substantial 11% downturn on Tuesday, resulting in a prominent red hourly candle, the second-largest meme cryptocurrency has been trading sideways, fluctuating within the range of support at $0.00001772 and resistance at $0.00001891 while working to surpass the latter.
Notable surge in SHIB burns
Meanwhile, a crucial metric for Shiba Inu, the burn rate, has shown a significant 530% increase over the past 24 hours. This has led to a total of 37,534,163 meme coins being transferred to unspendable blockchain addresses.
Out of 13 transactions, six were executed from the same -d3e43 wallet, which burned 15.8 million SHIB. The largest transaction, initiated by another wallet, involved 10,027,548 SHIB.
To date, a total of 410,727,009,502,240 SHIB from the overall circulating supply have been burned. However, 410 trillion SHIB were burned by Ethereum co-founder Vitalik Buterin in 2021. The remaining tokens have been burned through the collaborative efforts of the community and the SHIB team since the beginning of 2022.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
