The Shiba Inu price (SHIB) has gone down by 7.1% in the past 24 hours as global markets react to Israel-Iran tensions.
Trading volumes have surged by nearly 72% and currently account for more than 5% of the token’s circulating supply.
Other tokens in this category like Pepe (PEPE) and SPX6900 (SPX) have experienced much more dramatic pullbacks of 20.2% and 17.5% during this same period respectively.
Despite this latest weakness, one metric could favor a bullish Shiba Inu price forecast.
According to Shib Burn, a website that tracks how many Shiba Inu tokens are burned in real time, the token’s burn rate experienced a 112,839% increase in just 24 hours as nearly 112 million SHIB were put out of circulation during this period.
SHIB tokens are burned automatically when transactions like swaps occur within this blockchain. This significant amount of burned tokens implies that transaction volumes skyrocketed lately, possibly as sales picked up their pace during this recent pullback.
That said, this number of burned is just a tiny fraction of the token’s circulating supply of nearly 590 trillion SHIB. In the near term though, it may help shrink the available supply to cushion SHIB’s decline.
Shiba Inu Price Prediction: SHIB Could Rise to $0.00001500 If It Bounces Off This Key Support
Looking at the daily chart, the price action broke below its trend line support a few days ago and, since then, SHIB has been dropping quite sharply.
The price already tried to move above its short-term exponential moving averages (EMAs) once and failed to do so.
SHIB continues to trade below its 200-day EMA as well, which favors a bearish mid-term outlook. However, as the token approaches a key support at $0.00001050, the price could bounce off this level and find a way back to retest its former trend line support, which coincides with the 200-day EMA at $0.00001546.
Traders should keep an eye on how the price action behaves once the price gets to that support as a strong bounce could favor a bullish short-term Shiba Inu price prediction. So, maybe not $1 for SHIB for now but the token does offer some promising upside if this key support holds.
In the meantime, one of the most promising crypto presales of the year has arrived. Its name is Bitcoin Hyper (HYPER) and it is the first layer-2 scaling protocol for the Bitcoin blockchain.
Bitcoin Hyper Surpasses $1M Raised Just 15 Days After Its Launch
Bitcoin Hyper (HYPER) aims to unlock billions of dollars of untapped potential within the Bitcoin blockchain by enabling investors, developers, and users to execute transactions safely through a layer-2 side chain.
This project leverages the Solana Virtual Machine (SVM) and uses smart contracts to automatically settle transactions made through its L2. It then bundles them into a single transaction sent to Bitcoin’s L1.
This makes Bitcoin-based dApps scalable and cheaper to launch and operate and it opens up the door for the launch of meme coins and DeFi applications.
Once the solution becomes widely adopted, the demand for $HYPER will explode. To buy this token at its discounted presale price, head to the Bitcoin Hyper website and connect your wallet (e.g. Best Wallet).
You can either swap USDT or ETH for this token or use a bank card to invest.
The post Shiba Inu Price Prediction as SHIB Burn Rate Skyrockets 112,839% in 24 Hours – $1 SHIB Possible? appeared first on Cryptonews.
