Shiba Inu's Burn Rate Surges an Impressive 22604%, Potentially Propelling Token Prices by 15%
Let's Dive into the Shiba Inu Memecoin Shenanigans!
The cryptoverse has been bubbling with a 2.38% correction in the memecoin market, but don't worry, we've got your back. Here's the lowdown on how the Shiba Inu memecoin has dropped a whopping 7% in a week. Yet, the on-chain data is hinting at a stormin' rebound!
Why you ask? Well, take a gander at the skyrocketing SHIB burn rate, up a staggering 22,604% in the last 24 hours. Phew, that's a lot of SHIB tokens (25.77 million to be exact) heading straight into the dead wallet graveyard! To top it off, there have been 4 whopping transactions, three of which involved more than a million tokens, 💪📈. And let's not forget the new self-custodial crypto payment scheme causing a big stir in the crypto community.
Now, what impact could all this have on Shiba Inu's price? Well, buckle up, because it's about to get wild! The Shiba Inu memecoin has dipped 2.16% in a day, with a trading volume of a still-healthy $106.21 million. The little doggo is currently trading at $0.00001324, with a market cap of $7.81 billion. However, it's sitting at a hefty 85% discount from its All-Time High (ATH) of $0.00001368 - ouch! The 50-day EMA is serving as a safety net under the SHIB price chart, while the Moving Average Convergence Divergence (MACD) is showing some mixed signals.
If the bullish vibes keep rollin', the SHIB memecoin price could bounce back toward its resistance level of $0.00001525, setting the stage for it to charge onward towards an even higher resistance level of $0.000020. But, if things take a turn for the worse, increased fear and uncertainty could send the SHIB token tumbling towards a crucial support trendline of $0.00001025 in the coming weeks.
Are you thinking about investing in this meme-covered pup? Check out our article on Shiba Inu Price Prediction 2025: How High Will SHIB Rise? for a more in-depth look at expert opinions on where this memecoin might be heading. Keep the faith and hang on tight! 🎠🐶
Investing in the Shiba Inu memecoin may be an exciting opportunity, given the significant increase in the SHIB burn rate and the upcoming self-custodial crypto payment scheme. However, the current price prediction for the memecoin suggests it may be trading at an 85% discount from its All-Time High, indicating potential volatility. For a comprehensive insight into the anticipated future price of SHIB, explore our Shiba Inu Price Prediction 2025 article.
