As the SHIB Army contemplates whether Shiba Inu (SHIB) is about to enter a phase of “Optimism” promising significant price increases, the subsequent stages of “Belief,” “Thrill,” and “Euphoria” are anticipated to bring even more substantial price jumps.
SHIB Executive Hints at Upcoming Surge
Lucy, a SHIB executive, shared a screenshot of the “Wall Street Cheat Sheet,” outlining the psychological stages of market cycles that assets undergo through their rises and falls—disbelief, hope, optimism, belief, complacency, anxiety, denial, among others.
Lucy believes that Shiba Inu might be on the brink of entering the “Optimism” stage, characterized by notable price increases. This phase on the chart is described as “This rally is real.” Following “Optimism” comes “Belief” (“Time to get fully invested,” as the chart indicates), then “Thrill” (“I’ll buy more on margin. Gotta tell everyone to buy!”), and “Euphoria” (accompanied by sentiments like “I’m a genius! We’re all going to be rich!”).
SHIB Price Movement
The SHIB Army’s reaction to this statement has been mixed, with many optimistically agreeing with Lucy and anticipating a price increase soon. However, several SHIB enthusiasts also expressed doubts and uncertainty about Lucy’s assumptions in the comments.
Following the massive 11% drop SHIB experienced on Tuesday (marked by a significant hourly red candle), the second-largest meme cryptocurrency has been trading sideways, hovering between the support level of $0.00001772 and the resistance of $0.00001891, striving to break through the latter.
SHIB Burns Surge by 530%
Over the past 24 hours, SHIB burns have increased by 530%. Consequently, a total of 37,534,163 SHIB tokens have been moved to unspendable blockchain addresses. Meanwhile, a key Shiba Inu metric, the burn rate, showed that six out of thirteen transactions came from the same wallet (d3e43), which burned 15.8 million SHIB. The largest transaction was made by another wallet, burning 10,027,548 SHIB.
Read more Strategic Move by Whale Highlights Shiba Inu (SHIB) Market Dynamics
To date, 410,727,009,502,240 SHIB have been burned from the total circulating supply. Notably, 410 trillion SHIB were burned by Ethereum co-founder Vitalik Buterin in 2021. The remaining burns have been conducted by the collective efforts of the community and the SHIB team since the beginning of 2022.
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