SHIB Coin Price Prediction: Can Exploding Burn Rate Propel Shiba Inu To $0.00005?

SHIB price prediction: Shiba Inu, the second-largest meme cryptocurrency, has notably increased from last week’s bottom. The popular meme coin has surpassed the resistance level at $0.000024. Moreover, in recent hours,  SHIB price experienced substantial price volatility initially climbing to a peak of $0.00002567 before facing a steep decline.

Currently, the Shiba Inu price is trading at $0.0000248, with a slight surge of 1% in the past 24 hours.

Shiba Inu Coin Price Forecast

Despite the recent fluctuations, the trading activity has seen a decline of 25%, leading to a total of $460 million in transactions within the past day. Intriguingly, the market value of Shiba Inu has seen a modest increase of 0.45%, elevating its worth to roughly $14.66 billion.

Strategic Burns and Their Impact on Shiba Inu’s Valuation

The Shiba Inu cryptocurrency has seen a significant uptick in the rate at which coins are being burned, soaring by an astounding 4100%. Data from Shibburn reveals that just on the last day, a total of 82.13 million SHIB coins were eliminated from circulation. This strategic move is designed to slash the total supply of the token, potentially driving up its value as it becomes more scarce.

HOURLY SHIB UPDATE$SHIB Price: $0.00002553 (1hr 0.27% ▲ | 24hr 3.37% ▲ )
Market Cap: $15,047,827,134 (3.34% ▲)
Total Supply: 589,273,766,844,481

TOKENS BURNT
Past 24Hrs: 82,149,878 (4111.57% ▲)
Past 7 Days: 122,004,248 (19.21% ▲)

— Shibburn (@shibburn) May 6, 2024

Following this sharp increase in the burn rate, there’s been a noticeable positive trend in the Shiba Inu market price. This trend reflects the market’s reaction to the reduced number of coins available, which could lead to increased demand and higher valuations over time. 

SHIB has seen a modest uptick in the last week, with its price rising over 7%, fluctuating between $0.00002 and $0.000026. Despite a downward trend over the past month that saw an 8% drop following market corrections, the recent uplift in its value hints at changing investor confidence, possibly indicating a shift from the prevailing bearish conditions to a more optimistic market stance.

SHIB Price Prediction: Technical Indicators Hint At Positive Outlook

Shiba Inu Coin is currently testing a pivotal resistance level at $0.000026. If it breaks through this barrier, its value could potentially rise to $0.00003. This upward movement may set the stage for reaching the $0.00004 level. 

On the other hand, any decrease in value could cause SHIB to fall back to a support level of $0.000024. A further drop, influenced by negative market sentiments, could push it down to $0.00002. 

Shiba Inu Coin Price Forecast| Source: Tradingview

The daily technical indicators indicate an optimistic future for the meme-coin. The Relative Strength Index (RSI) is at a neutral 47, hinting at possible gains, while the Average Directional Index (ADX) shows a mild bullish trend with a reading of 16.15.

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