Shiba Inu Price Outlook As SHIB Burn Rate Explodes 2800% in 24 Hours

Shiba Inu price rose to $0.000007 today, supported by an 2,807% spike in its token burn rate within 24 hours. The sudden surge in burn volume has triggered renewed optimism in the SHIB community, hinting at increased scarcity and long-term potential.

SHIB has gained 1% over the past 24 hours after a slight rebound following the week of consolidation. This comes as the major cryptocurrencies like Bitcoin, Ethereum, Solana, and XRP, strive to recover after a week of corrections.

The broader meme coin market has also been moving about and has an overall market cap of 44.5 billion, making it by 5% in the last 24 hours. The recovery of other top meme coins, such as Dogecoin, Pepes, and Pump. fun, have demonstrated some slight recovery over the course of this period.

In the meantime, the U.S. stock markets made slight gains today as investors await the major indicators of the impending Federal Reserve meeting with a guarded stance.

Shiba Inu Burn Rate Skyrockets by Over 2,800% in Just 24 Hours

Shiba Inu’s ecosystem has seen a dramatic spike in its token burn activity. In the past 24 hours, the burn rate for SHIB has surged by a staggering 2,807%. Such a dramatic rise resulted in the burning of over 18.8 million SHIB tokens, which reduced the amount of circulating supply.

The total supply of Shiba Inu, as of the most recent upgrade, totals slightly less than 1 quadrillion tokens. More than 410 trillion tokens have been burned permanently. The total supply is at about 589.2 trillion tokens, and about 585.4 trillion is still in circulation.

Also, the quantity of staked SHIB, which is registered as xSHIB, is about 3.8 trillion tokens. Such figures have indicated that the community is still dedicated to suppressing the supply and raising scarcity in an effort to achieve growth in value in the long-term.

Shiba Inu Price Prediction: Key Levels to Watch

The SHIB price traded at $0.00000769 at press time, showing a modest 0.39% gain on the 4-hour chart.  SHIB is consolidating near the $0.00000750 support level after facing recent downward pressure.

The upside resistance is observed at around $0.00000850. In case the Long-term SHIB forecast can break out of this, the second resistance is close to the $0.000009 price range. 

The Moving Average Convergence Divergence (MACD) indicates that the MACD line is marginally above the signal line, which is an indication of a possible bullish crossover. Although the histogram is flat, a move to the green territory can verify the short-term buying momentum.

The Relative Strength Index (RSI) stands at 51, which means that SHIB is at the neutral level.

On the negative side, a failure to hold in the $0.00000750 may lead to a retest of the $0.00000700 support.