This week, Shiba Inu ($SHIB ) has experienced some interesting movements in its price. Over the past seven days, SHIB saw an 11.9% increase, but it also faced a recent 5% decline. The recent volatility has been attributed to broader market trends and profit-taking by investors.
Key factors influencing SHIB's price include the ongoing efforts by the Shiba Inu community to burn tokens, which has surged by 1,344% recently, and the development of the Shiba Inu ecosystem, particularly the Shibarium layer-2 blockchain. This blockchain is designed to support decentralized applications (dApps), NFTs, and other projects within the Shiba Inu ecosystem.
Looking ahead, price could face resistance between $0.000031 and $0.000036, while support is likely around $0.000015 to $0.000016 if the price falls further. The price outlook for the rest of 2024 suggests that SHIB could remain volatile, with potential bullish momentum if broader market conditions improve.$SHIB