Shiba Inu has become a sensation on social media after registering a surge of about 30% over the weekend. The surge sent SHIB price to a high of $0.00001766 before retracing to its current price of $0.00001575.
At the time of writing, Shiba Inu was still bullish as analysts still predict a further price in the coming days.
To help new investors and traders who are eyeing the coin, Coinjournal has created on why SHIB surged over the weekend while also providing insight on some of the best places where SHIB can be purchased.
To find out more, please continue reading.
What caused the weekend Shiba Inu price surge?
Crypto traders and investors are attaching the SHIB price surge to Shiba Inu’s metric which is showing a rise in the SHIB burn rate. On August 14, when SHIB registered a 27% surge, the burn rate had jumped by 85%. To date, the Shiba Inu network has burned SHIN tokens worth over $6.36 million worth.
Approximately ten days ago, Binance also announced that it had added AVAX and SHIB support on its payment cards issued in Europe thus giving Shiba Inu more exposure to the European market.
We are pleased to announce that @binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.
You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees! pic.twitter.com/FqINtnHFWx
— Shib (@Shibtoken) August 5, 2022
Shiba Inu price prediction
A majority of crypto analysts predict a further SHIB Inu price surge in the coming days seeing that SHIB has broken out of a prevailing cup-and-handle pattern. The breakout has raised Shiba Inu’s prospects of registering a further price hike.
The majority are expecting the meme coin to register a 50% surge by September with a price target of $0.00002253.
Best places to buy Shiba Inu
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Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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$SHIB social media trends
JUST IN: Shiba Inu has flipped #Avalanche to become the 12th largest cryptocurrency in the world by market value.
— Watcher.Guru (@WatcherGuru) August 14, 2022
Thank you for being the best community ever #ShibArmy! pic.twitter.com/8amWPSbQam
— Shib (@Shibtoken) August 14, 2022