Shiba Inu Price Prediction: Is SHIB Giving Back The Gains After A Spectacular Week?
Shiba Inu price is facing headwinds on Thursday, down 1.17% to $0.00000793. This comes after an impressive week of crypto price rallies fueled by optimism around the potential approval of a Bitcoin spot ETF by the US Securities Exchange Commission (SEC). Despite the correction traders and investors are likely to make fresh entries while anticipating another breakout – this time with SHIB likely to shutter resistance at $0.00001.
Shiba Inu’s Scaling Protocol Shibarium Wallets Hit 1.25M
Shibarium, an Ethereum Layer 2 protocol dedicated to the Shiba Inu ecosystem continues to see tremendous growth following a challenging launch in August. According to the Blockchain Explorer, so far the protocol has completed 1.325 million blocks at an average block time of 5 seconds.
Wallets created on the network have increased to 1.25 million, processing more than 3.5 million transactions. As a Layer 2 scaling protocol, the cost per transaction is expected to be significantly low compared to the main Ethereum network and currently average at 1.81 Gwei. Daily transactions average around 12.68k.
Meanwhile, as Shiba Inu price charts the path to $0.00001, the SHIB burn rate is on a downtrend, down 72% in the last 24 hours to 28 million tokens. The token burn program is essential for the token which has a massive total supply of 589 trillion.
Shibarium will also contribute to the token burn program, with roughly 70% of the transaction fees on Shibarium utilized in burning SHIB. According to projections shared by CoinMarket Cap, Shibarium could help the Shiba Inu ecosystem burn 111 trillion SHIB every year, approximately 20% of the circulating supply.
Can Shiba Inu Price Hit $0.00001
Shiba Inu is holding above two crucial levels; the 21-day Exponential Moving Average (EMA) (red) and the ascending trendline on the daily chart. If the uptrend holds in the coming sessions, higher support could emanate with the 100-day EMA (blue).
A buy signal from the Moving Average Convergence Divergence (MACD) upholds the bullish outlook, implying that the uptrend is in its initial stages, hence the gap to $0.00001 could close before the end of the week.
A daily close above the 100-day support at $0.00000768 would encourage more traders to consider buying SHIB without worrying about sudden capitulation. In that case, profit-booking could start at the 200-day EMA (purple) but highly bullish traders may want to hold onto the uptrend for gains above $0.00001.
On the other side of the coin, the ascending trendline — now support will ensure that Shiba Inu retains the bullish outlook. However, if losses intensify, SHIB could dip further down to swipe liquidity at the 21-day EMA or the double-bottom support around $0.00000676.
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