The Shiba Inu price has plunged by 7.5% in the past 24 hours, dropping to $0.00001364 as most major alts suffer big losses today.
This means that SHIB has fallen by 5% in a week, and while it does remain up by 16% in a month, it has also suffered a disappointing 21% decline in the past year.
Today’s drop also comes as SHIB’s burn rate fluctuates wildly, with this rate having surged by 6,500% earlier this week, but then having fallen by 94% in the past 24 hours.
Yet, with Shiba Inu arguably having the strongest fundamentals of any meme coin, this dip is likely to be fleeting. The long-term Shiba Inu price prediction still looks promising.
Shiba Inu Price Prediction: Burn Rate Surges 6,500% in 24 Hours – SHIB Preparing for a 5x Rally
On Tuesday, SHIB’s burn rate climbed to 22.9 million SHIB in the previous 24 hours, indicative of strong activity on layer-two network Shibarium, as well as community-led burns.
However, Shibburn data reveals that today’s figure is only 224,000 SHIB, representing a massive drop-off in activity.
This highlights how peaks in burning don’t usually continue for very long, although it’s worth pointing out that the weekly burn count is up by 388% in relation to the previous seven days.
We’ve now witnessed the burning of a grand total of 410.75 billion SHIB, bringing Shiba Inu’s total circulating supply down to 589.25 billion SHIB.
This has helped to support the Shiba Inu price, while also bringing new investors into its ecosystem and community.
However, if we look at the SHIB chart today, we see that its indicators have taken a massive hit, falling towards bearish positions.
Most dramatically, SHIB’s relative strength index (yellow) has fallen almost vertically in the past few hours, and looks ready to drop below 50.
Source: TradingViewAt the same time, SHIB’s MACD (orange, blue) has not only peaked, but has also begun declining towards the baseline.
It’s arguable that we could see further losses over the coming days, given how aggressively the market rallied last week.
Yet it’s also arguable that SHIB’s recent rallying hasn’t completely played out, given that it suffered such heavy selling up until July (save for a brief pump in early May).
And because the Shiba Inu community continues to burn SHIB at a considerable rate, we could therefore see the coin’s price climb to $0.000020 by the end of August.
It could also reach $0.000030 by Q4, helped by the ongoing development and rollout of ShibOS’ Alpha Layer.
Looking further ahead, a 5x gain from current levels isn’t off the table as the ecosystem expands and utility continues to grow.
TOKEN6900 Brings the Dot-Com Memes As It Raises $1 Million in Presale: Next Viral Alt?
There’s a risk that Shiba Inu may now be too established for its own good, and that its era of explosive gains could be fading.
If so, traders may want to move to newer, upcoming meme coins, with one of the most exciting new examples being TOKEN6900 (T6900).
Running on the Ethereum blockchain, TOKEN6900 is a meme coin that has taken the dot-com bubble of the late 90s and early 2000s as the inspiration for its memes.
It opened its presale a few weeks ago, and has already raised just over $1 million, a clear sign of its growing popularity.
TOKEN6900 is winning investors via its use of no-nonsense viral marketing, promising to tap into FOMO and greed as the main drivers of its growth.
It’s making a virtue of not offering any utility or having any fundamentals, instead leaning on community and marketing to boost its presale.
So far, this strategy appears to be working, and given that the similarly themed SPX6900 has done very well since listing, it could also be in line for some serious gains once it launches.
You can join the sale by going to the TOKEN6900 website and connecting a wallet (such as Best Wallet).
T6900 currently costs $0.0067, with owners already able to stake it for passive income.
The post Shiba Inu Price Prediction: Burn Rate Surges 6,500% in 24 Hours – SHIB Preparing for a 5x Rally appeared first on Cryptonews.
