SHIB Burn Rate Soars 600%; What’s Next for Shiba Inu Price?

Despite a remarkable 600% surge in its burn rate, Shiba Inu price fell below the $0.00002 support level this week. The drop is in line with the broader crypto market corrections. The meme coin saw increased volatility while Bitcoin hovered near $101,000.  What’s next for SHIB – a rally or deeper corrections? 

SHIB Burn Rate Jumps 600%; What’s Ahead for Shiba Inu Price?

Shiba Inu burn rates have surged by an astonishing 612%, with over 3.2 million SHIB tokens permanently removed from circulation within 24 hours. This remarkable rise in token burns has grabbed attention across the crypto community, highlighting the project’s commitment to reducing supply and bolstering token value over time.

Token burns are essential as they decrease circulating supply, creating a potential price increase when paired with steady or growing demand. Shiba Inu’s consistent updates and developments continue to generate enthusiasm among investors, further solidifying its position in the market. As these dynamics unfold, the recent burn rate spike suggests a promising trajectory for SHIB.

With sustained burn efforts and ongoing community-driven developments, many are speculating whether this could be Shiba Inu’s turning point. The combination of reduced supply, active participation, and future upgrades positions SHIB as one of the cryptocurrencies to watch closely this year.

Will SHIB Price Hit $$0.00003 Soon Amid Market Corrections?

The SHIB price is trading at $0.00001998, with a slight decrease of 1%. Additionally, In the past week, the Shiba has decreased by 10%, reflecting a downward trend. The meme coin struggled to maintain bullish momentum, with resistance at $0.00002000 acting as a crucial barrier. 

The Relative Strength Index (RSI) stands at 39, signaling weak buying momentum. If the RSI falls further below 30, it could indicate oversold conditions, potentially leading to a short-term rebound.

The technical indicators on the 4-hour chart show a bearish trend. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line below the signal line. This downward movement reflects a lack of bullish momentum. The histogram also indicates declining buying pressure, reinforcing the current bearish sentiment. 

SHIB is testing support at $0.00001950, with a more substantial support zone at $0.00001500. A breakdown below this level could trigger further losses. On the upside, resistance at $0.00002 remains the key barrier. 

A breakout above $0.000025 could shift momentum in favor of bulls, potentially driving the  Shiba Inu Price Prediction toward $0.00003.

Shiba Inu’s price remains under pressure despite the 600% surge in its burn rate. Key resistance at $0.00002 must break for bullish momentum. Investors await technical signals for potential recovery.