LIVESHIB Price Analysis: Can Rising Burn Rate Boost Value to $0.0001 Soon?
Shiba Inu Coin has escalated to the 11th position in the cryptocurrency market capitalization rankings. Now valued at $13.4 billion, its trading activity has surged. Over the past day, the volume surged by 10%, hitting $574 million.
Over recent days and weeks, the Shiba Inu cryptocurrency has seen little price movement. This trend of stagnation occurs at a significant moment for the currency. In the last month, Shiba Inuâs value dipped by 7% following notable pullbacks. Despite these setbacks, the digital coin is currently on a path to recovery, potentially setting the stage for future gains.
According to recent data from Shibburn, the burn rate of Shiba Inu has seen a dramatic increase of 1009% over the last day, resulting in 29.11 million SHIB being removed from circulation. This sharp rise in the burning of tokens, a strategy aimed at improving the financial dynamics of SHIB, has effectively reduced the cryptocurrencyâs available market supply.
As the burn rate soared, SHIB price also climbed, mirroring broader market movements. This significant uptick has attracted considerable attention from investors, sparking lively discussions and optimistic forecasts about Shiba Inuâs potential future pricing.
The meme coin SHIB is currently facing a pivotal moment at the resistance mark of $0.00002477. If it surpasses this point, its value could rise to $0.000025, potentially triggering an upsurge towards $0.00003.Â
Conversely, if $SHIB âs price fails to break through, it might retreat to $0.000024. A negative turn in market sentiment could even plummet to $0.00002, or worse, below $0.00001, indicating a tough period ahead for the cryptocurrency.