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SHIB is the best performer amongst the top 20 cryptocurrencies by market cap today.
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A Shiba Inu whale has suggested a token burn when Shibarium launches.
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Bitcoin continues to maintain its price above $17k.
Shiba Inu could burn trillions of SHIB tokens
A Shiba Inu whale has suggested that the meme token project could burn trillions of its tokens when its Shibarium launches. Shibarium is an upcoming layer-2 solution designed to improve the Shiba Inu ecosystem by providing faster transactions at a lower cost.
$SHIB will burn TRILLIONS of coins when Shibarium is launched 💯🔥
— SHIB HODLER (@ShibaInuHodler) January 8, 2023
This latest cryptocurrency news comes a few days after Shiba Inu confirmed that Shibarium transactions would burn SHIB and use BONE for gas fees. SHIB is up by more than 12% over the last seven days. At press time, the price of Shiba Inu stands at $0.0000094.
The broader cryptocurrency market is having a positive start to the week so far. Bitcoin crossed into the $17k for the first time in weeks while the total cryptocurrency market cap now stands above $850 billion.
Key levels to watch
The SHIB/USD 4-hour chart is bullish as Shiba Inu has been performing well over the past few days. Shiba Inu is currently outperforming some of the other major cryptocurrencies, including Bitcoin and Ether.
The 14-day relative strength index of SHIB currently reads 72, indicating that the bulls are in charge. An increase in the 14-day RSI could see SHIB enter the overbought region.
The MACD line is also in the positive zone, another indicator that SHIB is currently bullish.
If the bullish trend is maintained, SHIB could surpass its first major resistance level at $0.00001033 over the next few hours. However, the bulls would need to maintain their momentum if SHIB should get the chance to reach the $0.00001148 resistance level for the first time since November 8th, 2022.