SHIB Price Shows Indications of Recovery, Eyeing Breakout to $0.00001
The price of SHIB has started to recover, similar to other digital currencies, as Bitcoin (BTC) regains support at $26,000. It has briefly reached $0.00000768, suggesting a positive trend outlook and the capacity for a breakout to $0.00001. Nonetheless, the price has since entered a downtrend, seeking support at $0.00000750.
SHIB Price Struggles Amidst Increasing Shiba Inu (SHIB) Burn Rates
The Shiba Inu (SHIB) 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 (SHIB) as of now has a total supply of 580 trillion tokens, with a circulating supply of the same amount.
Can SHIB Price Reverse the Trend?
Regardless of the launch of the Shibarium protocol, the SHIB price was not immune to the cryptocurrency sell-off in August. Growing issues with Shibarium after the mainnet launch likewise influenced the technical outlook. Nonetheless, the protocol’s growth is expected to benefit SHIB and other tokens in the ecological system. Traders should keep an eye on the Moving Average Intersection Divergence (MACD) indicator for a probable trend reversal.
Hot Take: The success of the Shibarium protocol and the increasing burn rates of SHIB tokens could help SHIB price recover and potentially reach the target of $0.00001. Nonetheless, the market remains volatile, and investors should monitor the price closely.
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