The current price of SHIB, a meme cryptocurrency inspired by Shiba Inu dogs, has dropped noticeably within the last day. Its value has been trending downward and has fallen below key support levels. At present, SHIB is priced at $0.00002263, representing a 2.7% decrease over the past 24 hours.
The number of trades for the same timeframe has dropped by 2%, now totaling around $1.08 billion. This decrease in trading indicates that investors’ enthusiasm towards Shiba Inu Coin may be waning slightly. With a market value of $13.33 billion, Shiba Inu Coin ranks as the twelfth largest cryptocurrency according to CoinMarketCap’s listings.
SHIB Price Forecast: Widespread Corrections as Halving Approaches
In the next three days, an important Bitcoin halving will occur, but there’s been a noticeable decrease in cryptocurrency values lately. The price of Bitcoin has dipped to $61,000, while Ethereum, the second largest by market cap, has also experienced a significant drop and is now being sold for $3,096.
The slide in the value of this cryptocurrency also affects SHIB and other digital currencies, indicating a general market uncertainty. This broad-based correction implies that investors are exercising caution, preparing for potential heightened volatility leading up to the halving event.
Over the past week, Shiba Inu Coin has experienced a substantial decrease in value, dropping by more than 20%. As a result, its price has fluctuated between $0.0000191 and $0.000028. This latest decline contributes to a total loss of approximately 18% over the last month. The persistent downtrend in the market is evident from these price movements.
Meme coins such as Dogecoin, WIF, and PepeCoin have all seen significant price declines of more than 10%. This trend is part of a larger market pullback that has affected many other meme coins.
SHIB Token Burn Increases Amid Price Fluctuations
SHIB’s meme coin tokens, specifically 19,345,086 of them, were destroyed in a single day through token burns. This represents a massive increase of 489.87% compared to the previous day’s rate. The Shibburn X platform reported this figure, signaling a considerable push towards decreasing the existing SHIB supply. This surge in burning activity coincides with volatile price movements for the cryptocurrency, which experienced a recent downturn.
HOURLY SHIB UPDATE$SHIB Price: $0.00002174 (1hr 1.72% ▲ | 24hr -7.99% ▼ )Market Cap: $12,841,479,416 (-7.36% ▼)Total Supply: 589,274,423,079,142
TOKENS BURNTPast 24Hrs: 19,345,086 (489.87% ▲)Past 7 Days: 774,134,559 (193.4% ▲)
— Shibburn (@shibburn) April 16, 2024
These market changes show the community’s efforts to make the token scarcer, which could boost its worth even during price volatility. The fact that people are actively destroying tokens indicates that SHIB supporters are working towards a more balanced economy.
The current price of Shiba Inu Coin is encountering a substantial resistance at approximately $0.000023. Should it manage to surpass this hurdle, there’s a strong possibility for the coin’s price to climb towards $0.00003. This could pave the way for further growth, potentially reaching the $0.001 mark.
If the momentum slips and falls below the significant level, Shib may find buying interest at $0.000022. But if selling pressure mounts, there’s a possibility that Shib could drop down to $0.00002 in the short term.
The RSI reading of 38.49 for SHIB suggests neutrality in the market. This means that the asset isn’t overbought or oversold at the moment. Furthermore, the market appears relatively balanced with potential for price fluctuations up or down. Additionally, the ADX indicator shows a moderate trend strength with a value of 25.84.
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2024-04-16 17:59