Shiba Inu Price Prediction as 8 Billion SHIB is Burned in 24 Hours – Time to Buy?
The Shiba Inu price has dropped by 5.5% in the past 24 hours, slipping to $0.00000953 as the crypto market as a whole suffers a 1.5% dip.
Even with today’s losses, SHIB remains up by 16% in a week, with the famous meme token benefiting from market-wide optimism and bullishness this week.
And it’s also likely to benefit from an increasing burn rate, with the growth of layer-two network Shibarium helping to burn 10 million SHIB in 24 hours.
This comes in addition to deliberate burns by the Shiba Inu developer team, who burned 8 billion SHIB earlier in the week.
Today’s slide hasn’t done much to dampen SHIB’s overall bullishness, with the coin’s indicators still in positions where they suggest incoming rises.
Most notable is the meme coin’s 30-day average (yellow), which after crossing its 200-day (blue) in late November continues to rise higher, consistent with an ongoing uptrend.
SHIB’s relative strength index (purple) is also encouraging, in that it remains at just above 65, indicating a maintained level of buying pressure that could help the token recover again soon enough.
It’s also worth highlighting SHIB’s support level (green), which has continued to rise over the past few weeks, implying that any dips in the coming days will be minor.
Lastly, the coin’s trading volume remains distinctly elevated in comparison with the levels witnessed in previous months, at around $400 million today.
This indicates ongoing interest from traders and, in particular, whales, who can help push the Shiba Inu price higher in the next few weeks.
Other factors weighing in SHIB’s favor include its burn rate, which has risen significantly since Shibarium launched in August.
According to Shibburn, Shiba Inu’s burn rate has increased by 800% in the past
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