As a seasoned crypto investor with a keen interest in meme coins and their price movements, I’ve watched the Shiba Inu coin closely over the past few weeks. The recent dip to the $0.000016 price level today is certainly disheartening, especially considering the impressive 7300% surge in the SHIB burn rate we’ve seen in the last 24 hours.
1) Today, the value of Shiba Inu coin has retreated to approximately $0.000016 due to the broader market decline. Yet, an astounding 7300% increase in the SHIB burn rate seems to have fueled optimism regarding the token’s future price fluctuations. It’s worth mentioning that Shibburn data indicates millions of coins were destroyed within the past 24 hours. At the same time, this ongoing coin destruction has sparked conjecture among traders about the possibility of SHIB reaching its anticipated maximum price of $0.0000377 by August.
SHIB Burn Destroys Millions of Coins
Based on data provided by tracker Shibburn as of July 29, the burn rate experienced an extraordinary surge of approximately 7334.38% within the last 24 hours. This significant increase led to the destruction of 2.37 million coins. Consequently, the total supply of Shiba Inu coins has been reduced to roughly 589.27 trillion SHIB following this burning process.
Over the last week, approximately 70.44 million SHIB tokens, themed around dogs and memes, were burned. Yet, SHIB’s price trend showed little movement and decreasing momentum during this period.
It’s fascinating to note that over 140 million SHIB tokens were transacted in the past week. Surprisingly, however, this significant activity did not translate into a noticeable increase in price for Shiba Inu investors. Perplexing market behavior has left some crypto observers pondering as the price action contradicts typical market trends, with volatility persisting even amidst decreasing supply.
Shiba Inu Coin Slips
As a crypto investor, I’ve observed that SHIB‘s price took a hit of 3.04% at the current market update, dropping down to 0.00001673. The day’s lowest and highest points for SHIB were $0.00001653 and $0.00001729 respectively.
In spite of the impressive flare-ups in the Shiba Inu coin’s price history over the past few days, its value has dropped from a peak of $0.00002 on July 16 to the current price of $0.000016. This decline has sparked worry among investors. However, according to CoinGape’s latest analysis, the Shiba Inu coin is displaying a consistent downtrend, oscillating between the two converging trendlines that form the falling wedge pattern.
This indicates the maturity of the downtrend, paving the path for a potential pump.
As a researcher analyzing the cryptocurrency market, I’ve noticed some intriguing developments regarding Shiba Inu (SHIB). According to Coinglass data, the open interest for SHIB futures contracts increased by 0.81% to $41.56 million today. This uptick in open interest suggests a growing number of investors are showing an interest in the asset.
As an analyst, I’ve been closely observing the Shiba Inu coin price trend, and based on the latest analysis from CoinGape media, it appears that the weekly chart exhibits a rounding bottom pattern. This pattern suggests that the downtrend may be coming to an end, creating optimism among potential buyers. Additionally, the recent surge in SHIB burns has bolstered this positive outlook, indicating that the coin could potentially reach the price target of $0.0000377, as suggested by CoinGape, within August.
Read More
- SOL PREDICTION. SOL cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- USD ZAR PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- USD VES PREDICTION
- EUR CLP PREDICTION
- USD COP PREDICTION
2024-07-30 11:42