Will Shiba Inu (SHIB) Lead The Memecoin Bull Run?

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Will Increased Burn Rate Propel SHIB to New Heights? – Crypto News

Published

1 year ago

May 20, 2024

Dripp

Shiba Inu Coin price forecast, a popular meme coin, has seen a notable decline in value over the past 24 hours. The SHIB price dropped by 2.72%, bringing its current value to $0.00002409. Despite this decrease, the trading volume in the last 24 hours saw a significant increase of 22.16%, reaching $389.66 million.

Shiba Inu’s market cap stands at $14.19 billion, placing it at the 11th position in the cryptocurrency rankings. The coin’s circulating supply is 589.27 trillion SHIB, with the total supply being only marginally higher at 589.527 trillion SHIB.

Shiba Inu Coin Price Forecast: Navigating Through Market Fluctuations

Over the past week, the price of Shiba Inu Coin has experienced both declines and gains, showing no clear trend. SHIB’s value has fluctuated between $0.000024 and $0.000023, indicating a bullish trend within narrow boundaries.

Shiba Inu Coin Price Forecast: Will Increased Burn Rate Propel SHIB to New Heights? — Shiba Inu Coin Price Forecast

This fluctuation has resulted in a 3.9% increase over the week, signaling a period of stagnation. Overall, SHIB has shown a notable increase of over 6% in the past week.

According to Shibburn, the burn rate of the meme coin SHIB surged by over 500% today. Insights from Shibburn indicated a 579% increase in the past 24 hours, resulting from burning 9.83 million tokens in various transactions.

Notably, transactions from two addresses have drawn significant market attention. The address 0x608125… moved 3.10 million SHIB to a dead wallet through multiple transactions in 24 hours.

Additionally, the address 0xa9d… transferred 4.69 million SHIB to a dead wallet in the same period. These transactions have significantly contributed to the spike in SHIB’s burn rate. The increased activity from these specific addresses played a major role in the sharp rise in the burn rate, highlighting a substantial market movement in the past day.

Technical Indicators and Market Sentiment

The meme coin Shiba Inu is currently grappling with a significant resistance level at $0.000025. Overcoming this barrier could propel its value to $0.000026. Such a breakthrough might pave the way for reaching the $0.00003 mark.

Conversely, a downturn could push its price down to a support level of $0.000023. If market sentiment turns negative, Shiba Inu price could dip further to $0.000024. Increased bearish momentum might confirm a downward trend.

The Daily technical indicators for the Shiba Inu show mixed signals. The Relative Strength Index (RSI) is 47.14, placing SHIB in the neutral zone, indicating that the token is neither overbought nor oversold.

The Moving Average Convergence Divergence (MACD) shows a MACD line value of 0.00000020 and a signal line value of -0.00000009. The histogram is slightly positive at 0.00000029. The Average Directional Index (ADX) stands at 13.84, indicating a weak market trend, and the Awesome Oscillator (AO) displays a value of -0.00000044, suggesting a bearish sentiment.

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