Shibburn data revealed a massive 28,000% increase in the meme coin’s burn rate today.

A notable increase is being experienced on a weekly basis following the increase in the daily consumption rate. The $SHIB price action is struggling with turbulence today, but the long-term prospects are bright with optimism.

Furthermore, the weekly burn rate increase has reached a total of 301% at press time, creating additional optimism for the token. The #Shibalnu community reported that 172.99 million tokens have been burned on X in the last seven days.

The Shiba Inu price is forecasted to fall by -1.30% by September 29, 2024, reaching $0.00001378. According to our technical indicators, the current sentiment is Bearish, while the Fear and Greed Index is showing 34 (Fear). Shiba Inu has recorded 12/30 (40%) green days in the last 30 days with a price volatility of 5.84%.

According to data as of August 30, 2024, 08:51, the overall Shiba Inu price prediction sentiment is bearish, with 13 technical analysis indicators giving bullish signals, while 16 technical analysis indicators giving bearish signals.

According to our technical indicators, Shiba Inu’s 200-day SMA is expected to decline in the coming month and reach $0.00001993 by September 29, 2024. Shiba Inu’s short-term 50-day SMA is forecasted to reach $0.00001605 by September 29, 2024.

The Relative Strength Index (RSI) momentum oscillator is a popular indicator that signals whether a cryptocurrency is oversold (below 30) or overbought (above 70). Currently, the RSI value is at 46.21, which suggests that the SHIB market is in a neutral position.