Shiba Inu (SHIB), the second largest meme coin, has dropped 6.30% in the last 24 hours after reaching a daily high of $0.0000261. The decline of SHIB occurs against the backdrop of a general downturn in the cryptocurrency market, with Dogecoin (DOGE) also down 5.83%. However, bullish predictions are emerging for SHIB despite the lower price.
According to data from CoinMarketCap, SHIB is trading at $0.00002401 after recovering from a daily low of $0.00002282. Although this digital asset has decreased 72.83% from its all-time high of $0.00008845 witnessed three years ago, an optimistic prediction from InvestingHaven analyst on X (formerly Twitter) stated that this meme coin has the potential to surge to $0.0000998 by 2025.
The SHIB burn rate is increasing
Meanwhile, data from the Shiba Inu burn rate tracking tool Shibburn shows that in the last 24 hours, the SHIB token burn rate has increased by 69.28% with 6.18 million tokens burned. Overall, 410 trillion SHIB tokens have been burned from the total supply.
The more SHIB tokens are burned from the supply, the higher the likelihood of a price surge, as the supply of the digital asset decreases while demand for the cryptocurrency remains steady or increases.
Shiba Inu Price Analysis
With a market capitalization of $14.15 billion and a price increase of 130.01% since December 2023, SHIB remains the best-performing asset. However, the Relative Strength Index (RSI) in the daily chart below shows a value of 40.61, indicating that the bears are in control of price action.
The RSI line also indicates that SHIB will move sideways for a short period, although the volume has increased in recent days. The nearest support level for the meme coin is $0.00002288, which has held for a significant amount of time.
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