SHIB Price Shows Signs of Recovery, Eyeing Breakout to $0.00001
The price of SHIB has started to recover, similar to other cryptocurrencies, as Bitcoin regains support at $26,000. It has briefly reached $0.00000768, suggesting a bullish outlook and the potential for a breakout to $0.00001. However, the price has since entered a downtrend, seeking support at $0.00000750.
SHIB Price Struggles Amidst Increasing Shiba Inu Burn Rates
The Shiba Inu community’s token burn program has burned 410 trillion tokens out of a maximum supply of 999 trillion. In the past 24 hours, 56,273,115 tokens were burned, a 40% increase. Shiba Inu currently has a total supply of 580 trillion tokens, with a circulating supply of the same amount.
Can SHIB Price Reverse the Trend?
Despite the launch of the Shibarium protocol, the SHIB price was not immune to the crypto sell-off in August. Scaling issues with Shibarium after the mainnet launch also affected the technical outlook. However, the protocol’s growth is expected to benefit SHIB and other tokens in the ecosystem. Traders should keep an eye on the Moving Average Convergence Divergence (MACD) indicator for a potential trend reversal.
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