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

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As a seasoned cryptocurrency analyst with several years of experience observing market trends and price fluctuations, I have witnessed the rollercoaster ride that is Shiba Inu. The recent market correction has led to volatility in SHIB‘s price, which currently hovers above $0.000017. While this support level may provide some solace for traders, I cannot help but notice the significant decrease in volume and market capitalization over the past 24 hours.

Shiba Inu‘s coin value, themed around dogs, has seen fluctuations in the market over the last 24 hours due to a minor market readjustment. The token presently rests above $0.000017, acting as a robust support level for traders. At present, the Shiba Inu price stands at $0.00001718, marking a 4% dip during European trading hours.

Based on information from CoinMarketCap, the market value of Shiba Inu is reportedly $10 billion, placing it as the 13th largest cryptocurrency. The currency’s trading volume over the past 24 hours amounted to $316 million, representing a 27% decrease in activity. The current circulating supply of SHIB is 589 trillion coins, with an identical total supply.

Shiba Inu Price Fluctuates Amid Market Volatility

Over the last week, the SHIB altcoin experienced a 10% drop in price despite a recent upward trend that had boosted its value in the past few days. This rollercoaster behavior is clearly depicted in the weekly chart, featuring a peak at $0.00001979 on July 17th, preceded by a downward spiral indicative of market instability.

The record-breaking price for Shiba Inu (SHIB) reached $0.00008845 on October 28, 2021, representing a significant drop of around 80% compared to its peak. Over the last day, SHIB’s trading range has been between $0.0000171 and $0.00001792. The market is showing signs of volatility as the coin adapts to current market circumstances.

Significant Surge in Shiba Inu Coin Burn Rate

The destruction of Shiba Inu tokens at a rate 500% higher than normal, totaling 60,380,203 SHIB units in a day, has significantly driven up the coin’s price. This surge in burn rate occurred concurrently with the announcement of an Ethereum ETF, igniting a flurry of activity within the crypto market.

As a seasoned cryptocurrency investor with years of experience under my belt, I’ve grown accustomed to keeping a close eye on the hourly and daily price fluctuations of various digital assets. Looking at the current stats for Shiba Inu (SHIB), I see that the hourly rate remains unchanged at $0.0000172, but unfortunately, there’s been a 0.00% decrease in the last hour and a more substantial 3.06% drop over the past 24 hours. The market capitalization of SHIB has also taken a hit, decreasing by 2.93%, now sitting at $10,146,817,026. With a total supply of 589,272,293,531,457 coins in circulation, it’s clear that SHIB has experienced some turbulence in the market recently. These numbers may not seem significant on their own, but as an investor, I understand how even small percentage changes can add up and impact long-term investment strategies. Keeping this in mind, I will continue to monitor these trends closely and adapt my investment approach accordingly.
TOKENS BURNT
Past 24Hrs: 60,380,203 (482.88% ▲)
Past 7 Days: 135,026,217 (27.66% ▲)
— Shibburn (@shibburn) July 23, 2024

Over the last week, approximately 135 billion SHIB tokens have been irretrievably destroyed, representing a significant increase of 27.66%. These tokens are no longer in circulation and are transferred to “dead wallets.” This decrease in the token’s supply is part of a comprehensive approach aimed at impacting its value within the unpredictable crypto market conditions.

Is a Rebound Likely Amidst Market Correction?

As an analyst, I’m observing that Shiba Inu’s price is currently facing a significant resistance point at $0.000019. Should it manage to break through this barrier, its value could potentially soar up to $0.000025. Conquering this milestone might pave the way for further growth, possibly leading us towards the $0.00003 mark.

From a contrasting perspective, if bearish sentiment intensifies, the forecast for Shiba Inu’s price may plummet to $0.000017. Should the market sentiment turn sour, its price could slide even further down to $0.000018. A persistent decline would suggest a bearish trend in Shiba Inu’s market behavior.

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

The 24-hour examination of Shiba Inu’s price chart indicates a steady decrease in price fluctuations. At present, the Relative Strength Index (RSI) stands at 45.98, lying just beneath the midpoint. This implies a potential for a mild downtrend or a period of price stabilization.

The MACD indicator lends credence to this perspective, as the MACD line lies beneath the signaling line and both lines are descending, reinforcing the pessimistic viewpoint.

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2024-07-23 19:10