As an experienced analyst, I believe that Shiba Inu’s recent price correction is a result of the broader downturn in the cryptocurrency market. The significant decline in Bitcoin and Ethereum has set the tone for other digital assets, including Shiba Inu. However, despite this bearish trend, there are some positive signs for SHIB.
Shiba Inu Coin’s current price: The meme-driven Shiba Inu cryptocurrency underwent a significant decline in the last 24 hours, resulting in a 5.29% decrease. At present, its value is at $0.00002405. With this reduction, its market capitalization has decreased to $14.17 billion, positioning it as the 11th largest digital currency based on CoinMarketCap’s data.
In the past day, there’s been a substantial jump in trading volume, amounting to a 101.86% hike and reaching $840 million. This noteworthy increase indicates an uptick in market activity. The ratio of daily trading volume to the total market capitalization currently rests at 5.93%. Although there’s been a recent decline, the circulating supply of Shiba Inu remains consistent at 589 trillion SHIB.
Shiba Inu Coin Price Prediction: A Path to Recovery?
As an analyst, I’ve observed that Shiba Inu (SHIB) has shown little change in value over the last week, mirroring a broader trend of decline in the crypto market. This period of inactivity is particularly noteworthy for SHIB, considering the current unfavorable market circumstances. The cryptocurrency sector has undergone a substantial 9% drop within the past seven days.
A significant number of cryptocurrencies currently available in the market have been following a downward trend. Notably, two major players, Bitcoin and Ethereum, have experienced considerable drops. Bitcoin has witnessed a decrease of roughly 3%, while Ethereum has undergone about a 2% decline.
The decline in major cryptocurrencies has established a prevailing trend, impacting lesser-known coins such as Shiba Inu.
Shiba Inu Community: Burn Rate and Whale Activity
Despite a minor downturn in the market, the Shiba Inu coin’s burn rate has seen a significant surge recently, igniting curiosity within the cryptocurrency community. Over the past day alone, this burn rate soared by an astounding 3900%, resulting in the elimination of approximately 4.03 million SHIB tokens from circulation.
As a researcher investigating noteworthy transactions on the Shiba Inu blockchain, I came across an event of considerable importance. A substantial burn, equivalent to the reduction of SHIB tokens from circulation, emerged from a solitary wallet address. This action underscores the community-driven initiative aimed at decreasing the total supply of SHIB tokens.
Moreover, large SHIB investors, referred to as “whales,” have been purchasing the tokens in substantial amounts. This buying activity results in additional SHIB being burned. Consequently, with each whale acquisition, more tokens exit circulation.
Technical Indicators and Future Predictions
The price of Shiba Inu is facing a notable resistance point at $0.000025 right now. If this hurdle can be surpassed, it could potentially trigger a price rise to reach $0.000028. This upward trend might then open the door for the coin to advance towards the $0.00003 mark, suggesting a bullish outlook in the short term.
Should the bearish forces intensify, Shiba Inu’s price could dip to a support point of $0.000023. If the market mood turns sour, SHIB may descend even lower towards $0.000021. A stronger bearish trend might materialize with heightened negative momentum.
As an analyst, I’ve examined the daily technical indicators for SHIB, and my assessment is that the Shiba Inu cryptocurrency is presently in a consolidation phase. The Moving Average Convergence Divergence (MACD) chart reveals a narrow gap between the MACD line and the signal line, which indicates a neutral momentum trend.
The Awesome Oscillator (AO) displays a small bearish trend as it records a value of -0.0000016. On the other hand, the Chaikin Money Flow (CMF) signifies moderate buying pressure with a reading of 0.06. Lastly, the Relative Strength Index (RSI) is at 45, showing neutral momentum without any significant buy or sell signals.
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2024-06-08 09:18