Shiba Inu (SHIB), a popular meme coin, has seen a notable price decline over the past 24 hours after market corrections. Earlier today, the market was showing signs of volatility. However, it failed to maintain its earlier gains. The meme coin hovered at $0.0000172 with a dip of 5.20% during the European trading hours.
The current market capitalization is approximately $10.14 billion, reflecting a 5.20% decrease, aligning with the overall price movement.
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The trading volume has also significantly declined, dropping by 30.92% to around $229.46 million over the same period, indicating less trading activity among investors.
SHIB Price Prediction: Navigating Market Volatility
The meme coin Shiba Inu has had a volatile week, oscillating between $0.000017 and $0.000018. Despite these swings, the coin ended the week with a modest 5% gain, which suggests a lack of clear directional momentum. Over the same period, SHIB appreciated by over 29%, demonstrating a substantial growth spurt.
However, technical indicators suggest potential further declines. The token has dropped below $0.000025, a critical low from May, and is trailing beneath both the 50-day and 200-day moving averages, which could signal bearish trends ahead.
Other major meme cryptocurrencies such as Dogecoin, Pepe Coin, and WIF have also experienced downturns following market corrections.
Most digital currencies are currently facing a downturn. Key players such as Bitcoin and Ethereum have experienced significant drops. Bitcoin has tumbled to below $61,000. Meanwhile, Ethereum has slipped under $3,400.
The Impact of Increased Burn Rate on Shiba Inu’s Future
The Shiba Inu cryptocurrency has witnessed a significant surge in its token burn rate. Recent data from Shibburn, a site tracking these events, reveals that enthusiasts destroyed 19.6 million tokens over the last day, nearly doubling the previous day’s total of approximately 10 million. This notable rise marks a 101% increase in the burning activity.
HOURLY SHIB UPDATE$SHIB Price: $0.0000177 (1hr 0.41% ▲ | 24hr 3.13% ▲ )
Market Cap: $10,421,645,815 (2.87% ▲)
Total Supply: 589,272,937,015,664TOKENS BURNT
Past 24Hrs: 19,603,797 (101.11% ▲)
Past 7 Days: 96,976,705 (-48.34% ▼)— Shibburn (@shibburn) June 26, 2024
One particular wallet executed several large transactions, contributing substantially to this uptick. In two separate transactions, it sent 1 million and 2 million tokens to the designated burn address. This wallet alone has burned over 11.5 million tokens, accounting for over half of the day’s total.
The largest of yesterday’s burns was a transaction removing 8.5 million tokens from circulation. Another noteworthy contribution came from a different address, eliminating around 7.1 million tokens through three separate actions.
In the past 24 hours, there have been a total of 11,071,373 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/wPahiXVx6m
— Shibburn (@shibburn) June 26, 2024
Additionally, another wallet contributed to the burn by sending 1.1 million tokens in two transactions, pushing the overall count close to 20 million.
Technical Indicators Suggest Mixed Market Sentiments
The meme coin Shiba Inu faces a tough resistance level at $0.000018. If it breaks through, the price may climb to $0.00002. This potential rise could set the stage for the $0.00003 mark, signaling a short-term bullish trend.
Conversely, increasing bearish pressure could push Shiba Inu down to $0.000017. A negative shift in market sentiment may cause it to fall to $0.000015. A continued drop would confirm a bearish trend for the cryptocurrency.
The 24-hour technical indicators for the SHIB/USD highlight mixed signals amid fluctuating market conditions. The MACD (Moving Average Convergence Divergence) indicator shows a bearish crossover.
The signal line is above the MACD line suggesting that bearish momentum is increasing, potentially indicating further declines. The RSI (Relative Strength Index) is currently at 30, indicating that the coin is in the oversold region.
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