SHIB Burn Rate Pumps, Is $SHIB Price Rally on the Horizon? Don’t Overlook This Low-Cap Meme Coin
The post SHIB Burn Rate Pumps, Is $SHIB Price Rally on the Horizon? Don’t Overlook This Low-Cap Meme Coin appeared first on Coinpedia Fintech News
- $SHIB price pumped 8% this week, currently trading around $0.000025.
- Shiba Inu burn rate surged 200%, signalling potential scarcity.
- Galaxy Fox ($GFOX), a new low-cap meme coin project, combines gaming and NFTs.
The Shiba Inu ($SHIB) token has demonstrated a relatively solid performance this week, with an 8% price increase. Currently, $SHIB is trading at around $0.000025.
Meanwhile, Galaxy Fox a new low-cap meme coin has emerged as a potential contender to watch in June, warranting a closer examination.
Shiba Inu’s Burn Rate Soars
According to data from Shibburn, the Shiba Inu burn rate has surged by an impressive 180% today. The burn rate refers to the number of tokens permanently removed from circulation, effectively reducing the overall supply.
A higher burn rate is generally viewed as a positive development, as it increases the scarcity and value of the remaining tokens over time.
$SHIB Price Prediction
altFINS, a reputable cryptocurrency analysis platform, has provided insights into the $SHIB price trend. According to their analysis, the price remains in an uptrend, following a bullish breakout from a Falling Wedge pattern. The price has successfully retested the breakout level and could potentially swing up to $0.000035 in the near future.
altFINS notes that the short-term, medium-term, and long-term trends are all pointing upwards, indicating a strong bullish momentum. However, they caution that the momentum indicators suggest a potential downswing, as the MACD Histogram bars are declining, signalling that the momentum could be nearing a peak.
Based on their analysis, the nearest support zone for $SHIB is $0.000025, followed by $0.000015, while the nearest resistance zone is $0.000035, and then $0.00004.
Given the positive price trend and the potential for further upside, altFINS recommends setting a price alert for the $0.000035 level.
New Low-cap Meme Coin to Watch
While Shiba Inu is always an interesting topic, a new meme coin called Galaxy Fox ($GFOX) has emerged as a potential contender in the meme coin and GameFi space. Galaxy Fox had a multi-month public presale, during which it raised over $6 million.
In April, the project launched on Uniswap and Dextools, and after an initial selling pressure, the market cap now hovers around $500,000.
Galaxy Fox combines elements of meme coins, play-to-earn gaming, and non-fungible tokens (NFTs). The core feature of the project is its Web3 Endless Runner game, where players can earn $GFOX tokens based on their in-game performance.
The top 20% of players in each season will receive GFOX token rewards, incentivizing skilled gameplay. The project launched the beta version of the game on May 12th.
Additionally, Galaxy Fox plans to offer 3,000 unique NFT assets that players can purchase. These NFTs provide temporary attribute boosts and special in-game abilities, adding a strategic element to the gaming experience. The NFTs can also be traded on the Galaxy Fox marketplace, creating an economy within the ecosystem.
Conclusion
As the Shiba Inu burn rate surges and the price trend remains bullish, investors and traders are keeping a close eye on the potential for a SHIB price rally.
While Shiba Inu continues to capture attention, Galaxy Fox, a new low-cap meme coin, has emerged as a potential contender to watch in the coming months, offering a unique combination of meme coins, play-to-earn gaming, and NFTs.
Investors should stay informed and make informed decisions based on their own risk tolerance and investment strategy, especially with meme coins. That said, $GFOX looks like a hot new meme coin to watch in June.
Check out $GFOX on Uniswap, or click on the links below for more information.
Learn more about $GFOX here:
