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Over the last 24 hours, the price of Shiba Inu coin, a popular meme coin, increased by 2.97% to $0.00002341. SHIB, which currently has a market value of $13.79 billion, is the 11th largest coin in terms of market value. Last day's trading volume increased by 1.79% to 379.74 million dollars.
Shiba Inu Price Prediction
In recent hours, SHIB has shown significant resilience and a strong recovery. This increase follows a series of declines earlier today and caught the attention of investors and analysts. Last week, SHIB increased slightly by over 3%, with prices fluctuating between $0.0000224 and $0.0000261.
Despite the market corrections experienced over the past month, the current increase indicates growing optimism among investors and could potentially indicate a shift from bearish to bullish market conditions. This change in sentiment could indicate a shift in investor confidence and herald a new phase for cryptocurrency.
In recent news, meme coin Shiba Inu attracted attention with a significant increase in burn rate, rising over 5500%. According to Shibburn, approximately 26 million SHIB tokens were removed from circulation yesterday. This action injected optimism into the market for the meme coin.
SHIB's Impressive Burn Rate Increases Market Optimism
The impressive increase in the burn rate of 5564.09%, with 25.93 million SHIB tokens destroyed, indicates a positive outlook. Market watchers predict that the decline in total supply could lead to an increase in the value of SHIB. This development offers a promising perspective for Shiba Inu owners and investors.
If the market recovery continues, meme coin could surpass the $0.000025 mark and potentially increase its price to $0.00003. This increase may open the door for it to reach the level of $0.00003. With upward pressure continuing, SHIB may rise to $0.00005 by the end of April.
However, a negative market pullback could pull SHIB towards the $0.000023 support level. Negative market sentiment could drop its price to as low as $0.000022. An increase in bearish activity may confirm a declining trend.
Technical Indicators Suggest a Stable Path for SHIB
Four-hour technical indicators for meme coins reflect a period of relative stability in price movement. The Moving Average Convergence Divergence (MACD) line is almost flat, indicating a significant lack of momentum in either direction. The Relative Strength Index (RSI) is hovering around 49.77, indicating a balanced market situation with no clear overbought or oversold signals.
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I EXPLAIN IN DETAIL.
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