Shiba Inu Price Uptrend Weakens As Burn Rate Soars
Shiba Inu (SHIB) and Dogecoin (DOGE) have remained relatively stable in terms of market capitalization. However, investors are now focused on the potential approval of a Bitcoin spot exchange-fund (ETF), which could bring about significant changes in the crypto industry.
Currently, SHIB is trading at $0.0000834, and while its price has barely changed in the last 24 hours, trading volume has increased by 88% to $200 million. SHIB ranks #18 among other cryptos.
Shiba Inu is facing resistance at $0.0000083 from the 50 Exponential Moving Average (EMA) and the 100-day EMA. The bearish trend is further supported by the sell signal from the Moving Average Convergence Divergence (MACD) indicator.
If SHIB can bounce off higher support areas, such as the 200-day EMA and the buyer congestion zone at $0.000008, there may be profitable opportunities for investors. Price corrections are necessary for the continuation of the uptrend.
Investors should also consider buying SHIB based on key fundamentals, such as the significant increase in token burn rate, which reached over 444,000% on Monday. The burning of tokens helps reduce supply and increase value in the future.
Hot Take: Shiba Inu’s Future Value Depends on Token Burn Rate
The recent correction in Shiba Inu’s price may lead to a potential rally that could push it above $0.00001. Buying opportunities arise during dips in the market, and with the increasing token burn rate, SHIB’s value could be enhanced in the long term. Reducing the supply of SHIB is crucial for its future value, especially if investors have high hopes for it to reach above $1.
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