SHIB Price Forecast: What’s Next For Shiba Inu Coin As Burn Rate Defies Crypto Sell-Off?
SHIB price forecast: SHIB, a meme-inspired cryptocurrency, has seen a significant decline in value within the last day. The meme coin has recently been following a downward trajectory, slipping past significant support markers. Currently, the Shiba Inu Coin price is $0.00002263, reflecting a decline of 2.7% over the past 24 hours.
The trading volume for the same period has fallen by 2%, now at approximately $1.08 billion. This decrease in trading activity suggests a cooling interest among investors at the moment. With a market capitalization of $13.33 billion, Shiba Inu Coin is the twelfth largest cryptocurrency, as listed by CoinMarketCap.
SHIB Price Forecast: Widespread Corrections as Halving Approaches
The notable Bitcoin halving event is imminent in three days, but a noticeable dip in cryptocurrency values has emerged. Bitcoin recently fell to $61,000, while Ethereum, ranking second in market capitalization, also had a significant drop, and is now priced at $3,096.
This downtrend extends to other cryptocurrencies, including SHIB, reflecting widespread market hesitancy. This correction across the board suggests that investors are cautious, anticipating increased volatility surrounding the halving.
Shiba Inu Coin’s significant decline over the last week, dropping over 20% in value has seen it oscillate between $0.0000191 and $0.000028. This recent fall contributes to an overall 18% drop over the past month, highlighting a persistent bearish trend in the market.
Other meme coins, including Dogecoin, WIF, and PepeCoin, have similarly experienced downward movements, with prices dropping in double-digits. This collective slump reflects a broader market retreat, impacting numerous digital currencies in this category.
SHIB Token Burn Increases Amid Price Fluctuations
The meme coin SHIB has witnessed a rise in its token burn rate, soaring by 489.87% to reach 19,345,086 SHIB tokens incinerated in the past day. This information comes from the Shibburn X platform and marks a significant escalation in efforts to reduce the circulating supply of SHIB. This spike in burning activity correlates with a period of fluctuating prices for the cryptocurrency, which recently saw a decline.
HOURLY SHIB UPDATE$SHIB Price: $0.00002174 (1hr 1.72% ▲ | 24hr -7.99% ▼ )
Market Cap: $12,841,479,416 (-7.36% ▼)
Total Supply: 589,274,423,079,142TOKENS BURNT
Past 24Hrs: 19,345,086 (489.87% ▲)
Past 7 Days: 774,134,559 (193.4% ▲)— Shibburn (@shibburn) April 16, 2024
Such market developments reflect the community’s strategic moves to enhance the token’s rarity, potentially increasing its value amid price instabilities. The active participation in burning tokens is a clear indicator that holders and enthusiasts aim to create a more stable economic environment for SHIB.
Shiba Inu Coin currently faces a significant resistance level at $0.000023. If it breaks through this barrier, the price may rise toward $0.00003, setting a potential trajectory toward the $0.001 threshold.
However, if it fails to maintain this momentum and drops below this pivotal point, it could find support at $0.000022. Should selling pressure increase, there is a risk that SHIB could further decline to $0.00002 in the near term.
The Relative Strength Index (RSI) is currently at 38.49. This neutrality indicates that SHIB is neither overbought nor oversold. It also implies a relatively balanced market with room for movement in either direction. Lastly, the Average Directional Index (ADX), stands at 25.84, which signals moderate trend strength.
The post SHIB Price Forecast: What’s Next For Shiba Inu Coin As Burn Rate Defies Crypto Sell-Off? appeared first on CoinGape.
Crypto Feed:
https://ift.tt/afK6GXS
Coingape Staff
CoinGape
Philpar