Shiba Inu Price Holds $0.000017 as Burn Rate Explodes 700%

Shiba Inu, a dog-themed coin, has experienced market volatility over the past 24 hours following a slight market correction. The token currently hovers above $0.000017, which is strong support for traders.  At the time of writing, Shiba Inu price is trading at $0.00001718 with a slight decrease of 4% during the European trading session. 

According to CoinMarketCap data, the market cap of Shiba Inu stands at $10 billion, ranking it at #13 among cryptocurrencies. The 24-hour trading volume is $316 million, marking a 27% decrease in volume. The circulating supply of SHIB is 589 trillion, with a total supply matching this figure.

Shiba Inu Price Fluctuates Amid Market Volatility

Despite a surge in the SHIB price over the past few days, the altcoin has declined by 10% over the past seven days. The fluctuation is evident from the weekly chart, which shows a peak of $0.00001979 on 17th July, followed by a steady decline, reflecting market volatility.

The all-time high for SHIB was $0.00008845, achieved on October 28, 2021, marking an 80% decrease from its peak. In the past 24 hours, SHIB has traded within a low range of $0.0000171 and a high of $0.00001792. The market trends indicate continued fluctuations as the coin adjusts to market conditions.

Significant Surge in Shiba Inu Coin Burn Rate

Shiba Inu price has seen a significant increase in its burn rate, soaring by 500% in just one day. According to Shibburn, a total of 60,380,203 SHIB tokens were destroyed in the past 24 hours. This surge coincided with the announcement of an Ethereum ETF, sparking widespread interest in the crypto sector. 

HOURLY SHIB UPDATE$SHIB Price: $0.0000172 (1hr 0.00% ▼ | 24hr -3.06% ▼ )
Market Cap: $10,146,817,026 (-2.93% ▼)
Total Supply: 589,272,293,531,457

TOKENS BURNT
Past 24Hrs: 60,380,203 (482.88% ▲)
Past 7 Days: 135,026,217 (27.66% ▲)

— Shibburn (@shibburn) July 23, 2024

Over the past week, 135,026,217 SHIB tokens have been burned, marking a 27.66% rise. These tokens are permanently removed from circulation and sent to what is known as ‘dead wallets.’ This reduction in supply is part of a broader strategy to influence the token’s value amid volatile crypto market trends.

Is a Rebound Likely Amidst Market Correction?

Shiba Inu price is currently confronting a crucial resistance level at $0.000019. If it surpasses this threshold, its value could escalate to $0.000025. Achieving this could set the stage for a rise to the $0.00003 level. 

On the flip side, increasing bearish pressure might force the Shiba Inu price prediction to fall to $0.000017. A shift in market mood to the negative could further reduce its price to $0.000018. A continued drop would indicate a downward trend in Shiba Inu’s market performance.

The 24-hour technical analysis of Shiba Inu shows a continuous decline in price volatility. The Relative Strength Index (RSI) is currently at 45.98, hovering below the midline, which suggests a slight bearish momentum or a consolidation phase. 

The Moving Average Convergence Divergence (MACD) indicator also supports this view, as the MACD line is below the signal line, and both are trending downward, further confirming the bearish outlook.