Will Shiba Inu Price Rebound with Surging Burn Rate and Whale Activity?
Highlights
- Shiba Inu price dropped 4% over the past 24 hours and currently trades at $0.00001592.
- SHIB burn rate soared by 1565%, with 8,560,795 $SHIB burned in the past day.
- IntoTheBlock data shows a steady increase in large SHIB transactions over the past week.
Shiba Inu, a popular meme coin, has experienced a significant dip recently. After a market correction, the value of Shiba Inu price plummeted, causing concern among investors and enthusiasts. This downturn is part of a broader trend affecting many cryptocurrencies, including BTC and ETH, among other altcoins.
Shiba Inu Price Faces Volatility Amid Increased Burn Rate
Despite this decline, the meme coin has experienced a surge in several key metrics. Trading volumes have increased by 34%, indicating renewed investor interest. According to the latest data from Shibburn, the burn rate of Shiba Inu coins has increased significantly by 1565% over the past 24 hours, resulting in 8,560,795 incinerated coins.
This activity has reduced the total supply of SHIB to 589 trillion. The substantial reduction in available coins has fueled market speculation, suggesting a potential sharp rise in the SHIB price due to these burns. This positive development could signal a potential price recovery for the popular meme coin, reversing the recent bearish trends.
Shiba Inu Price Analysis: Can SHIB Overcome Bearish Trends?
Over the past 24 hours, the SHIB price has experienced a. The dog-theme memecoin saw its price oscillate between a low of $0.00001562 and a high of $0.00001667.
At the time of writing, the SHIB price hovered at $0.00001592, with a slight decrease of 3%.
The technical indicators for SHIB reveal a mixed outlook. The Relative Strength Index (RSI) on the 4-hour chart is at 33, indicating that SHIB is approaching oversold territory, which could signal a potential reversal.
However, the Moving Average Convergence Divergence (MACD) shows bearish momentum, as evidenced by the MACD line crossing below the signal line. The histogram supports this bearish sentiment, with negative values indicating decreasing buying pressure.
If the bear mounts more pressure, Shiba Inu price prediction could break below the support level at $0.00001550 to $0.000015 and even $0.00001450 in the coming days.
According to IntoTheBlock data, there has been a notable increase in substantial Shiba Inu transactions over the last week. This spike in activity from large investors is generally seen as a positive signal, indicating growing confidence among these stakeholders.
The total transaction value now stands at an impressive $58.54 trillion. The network’s overall growth has increased favorably, reinforcing positive market sentiment.
On the upper side, If bullish momentum gains strength, the 10-EMA and 20-EMA are near the resistance level at $0.000016. If bulls manage to push the price higher, SHIB could reach $0.000017 and potentially $0.000018 in the near future.
Related Articles
- BTC Price Analysis: Selling Pressure Resumes Post-Fed Rate Decision
- SHIB Price: Shiba Inu Burn Rate Soars 7300%, Is a Rally Ahead?
Frequently Asked Questions
Can the SHIB burn rate increase cause a price rebound?
How does whale activity affect SHIB's price?
How did Shiba Inu gain popularity?
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