Is Shiba Inu Price On Path to $0.01 After 7200% SHIB Burn?

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Shiba Inu Price Poised for Breakout Will SHIB Hit $0.00004401 Soon?

Highlights

  • Shiba Price is currently trading at $0.00001893, making a slight surge
  • SHIB burn rate surged 7,240%, reducing supply and boosting market sentiment.
  • Meme coin holds key support, signaling potential for a strong rally.

Shiba Inu price continues to trade below $0.00002 as the broader crypto market trades sideways. Despite the slowdown, SHIB has gained over 100% in the past year. Discover why SHIB can reach the long-anticipated $0.01 mark after a massive 7,200% token burn. This has sparked speculation about further upside. Investors are now watching whether SHIB can reach highs.

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Can Shiba Inu Price Hit $0.01 After Massive 7,200% Burn?

Shiba Inu price is gaining momentum as its burn rate skyrocketed by 7,247% in the past 24 hours. The surge removed over 1 billion SHIB tokens from circulation, sparking renewed bullish sentiment in the market.

This reduction in supply has fueled optimism among investors anticipating a price breakout. Market dynamics suggest increased interest in SHIB as traders react to the declining token availability. With growing burn activity, analysts speculate on a potential rally amid improving crypto market conditions.

Is Shiba Inu Price On Path to $0.01 After 7200% SHIB Burn?
Shibburn
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Why Could SHIB Price See More Surge Ahead?

Shiba Inu price gains momentum as Bitcoin hovers around $103K, approaching its all-time high of $108K. Despite market corrections, BTC and ETH’s rally fuels optimism for broader crypto gains.

The rising value of Ethereum, Solana, and XRP creates favorable conditions for SHIB’s price surge. The token aims for the elusive $0.01 mark, a significant milestone.

Meme coin interest grows, with Dogecoin leading and new tokens like TRUMP, PENGU, and AI16Z gaining traction. Shibarium’s expansion and ETH-based meme coins could further boost SHIB’s rally.

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Shiba Inu Holds Key Support Zone

Crypto analysts highlight that the Shiba Inu price is maintaining its position within the crucial $0.000018 – $0.000020 range. Market experts suggest prolonged consolidation in this zone could lead to a significant price surge. 

Analysts predict that the longer SHIB stabilizes at this level, the more explosive its breakout could be, potentially fueling an aggressive upward momentum.

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Will SHIB Price Recover Above $0.00002 This Weekend?

As Friday, the SHIB price hovered at $0.00001897, marking a 1.50% increase in the last 24 hours. The price has been consolidating near the $0.00001900 level, showing slight bullish momentum.

The price faces immediate resistance at $0.00002. If the Shiba Inu price prediction breaks above this level, it could rally toward the next resistance at $0.000025. A successful breakout above this zone may drive the price toward the $0.00003000 level.

On the downside, the nearest support is around $0.000015. A drop below this level could trigger further selling pressure, potentially pushing SHIB lower.

The Relative Strength Index (RSI) stands at 53, suggesting neutral market conditions. A move above 60 could confirm stronger buying momentum. Meanwhile, the Chaikin Money Flow (CMF) is at 0.07, indicating mild capital inflows into SHIB.

Is Shiba Inu Price On Path to $0.01 After 7200% SHIB Burn?
Shiba Inu Price Chart: TradingView

Shiba Inu price outlook remains bullish as burn rates rise and market conditions improve. If momentum sustains, SHIB could challenge key resistance levels and push toward its long-awaited $0.01 target.

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Frequently Asked Questions (FAQs)

1. Why is SHIB's price gaining attention now?

SHIB's burn rate surged 7,240%, reducing supply and fueling bullish sentiment.

2. How many SHIB tokens were burned recently?

Over 1 billion SHIB tokens were removed from circulation in 24 hours.

3. Can SHIB reach $0.01 soon?

While possible, SHIB needs massive demand and sustained market momentum.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.