Shiba

Cryptocurrency

Islamic Coin

Bitcoin

Shiba Inu

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 <p class="paragraph">Despite the largest part of the cryptocurrency market retracing the gains triggered by the spot Bitcoin (BTC) exchange-traded fund (ETF) fake news, some signs, particularly a massive burn rate increase, indicate that Shiba Inu (SHIB) could turn upward.</p>
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 <p class="paragraph">As it happens, the burn rate of Shiba Inu cryptocurrency has skyrocketed 419.94% in the last 24 hours, removing nearly 40 million SHIB from its total supply in a single day, according to the information retrieved from <em>Shibburn</em> on October 18.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/td_fKrLYewXoZxCL6byNsxxOo2Sa0XmgfrqBuk2kMnifY0gODktQvNdXj58MwXE1G_if8-2XS9sVGjXROjTujdSW6qB0P0HoCOB9qMhrPsEUruFiUFww7wkZoat5Ekxg8WNi9aqHBZyXhwaZq4j8Xik" alt>
  <figcaption class="wp-element-caption"><em>SHIB burn rate in last 24 hours. Source: </em><em>Shibburn</em>
  </figcaption>
 </figure>
 <p class="paragraph">Considering that the Shiba Inu team had introduced the burning mechanism for SHIB with the goal of increasing its scarcity and value, such a massive increase in burn rate is a bullish sign for the 19th-largest crypto asset by market capitalization.</p>
 <h2 class="wp-block-heading" id="h-shib-price-analysis">SHIB price analysis</h2>
 <p class="paragraph">Meanwhile, Shiba Inu was at press time changing hands at the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $0.0000068786, which represents a daily decline of 2.3%, no change on the weekly chart, and a loss of 6.54% across the previous month, according to the latest information retrieved on October 18.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/tExVdaos8OeAIga53OfXYIxHU5HXrGKNfl1jNDysvaWFy00vtlSEDHGNOuLlkidqZdWpASTHxuQI-9C1jvps-hLxL4VgJl1PEUSv3PeItDdOV2iWOX_tGYH03EOXFCz1ysrDiEIO6GkDFwilYloMXVc" alt>
  <figcaption class="wp-element-caption"><em>SHIB 7-day price chart. Source: </em><em>Finbold</em>
  </figcaption>
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 <p class="paragraph">At the same time, the real-time one-day technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> (TA) gauges over at the finance and crypto analytics website <em>TradingView </em>demonstrate a bearish sentiment for SHIB, suggesting a ‘sell’ at 14, as derived from oscillators in the ‘neutral’ zone at 9, and moving averages (MA) pointing at a ‘strong sell’ at 14.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/VakFfrHgRq17cAAoKwwCAMccIO_X9AtIAgrquO1ev_OP7nbn6uwSAikITActKs5XGhEdgIpDzhXfhWdFZJnLn-bCPRKTD2EudARuis4PDCj7XHPpB_YZT582wMXxqfrqHXAPnKJVuJMRhkwD7pg-R4c" alt>
  <figcaption class="wp-element-caption"><em>SHIB 1-day sentiment gauges. Source: </em><em>TradingView</em>
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 </figure>
 <p class="paragraph">Clearly, the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of Shiba Inu is yet to reflect the recent significant increase in the burn rate of its crypto, but artificial intelligence (AI) algorithms used by the crypto monitoring website <em>CoinCodex</em> <a rel="noopener noreferrer nofollow" title="predict" href="https://thebittimes.com/tag/predict.html">predict</a> $0.000007603 (an increase of 10.53%) in the next month, perhaps taking into account further development around the ecosystem’s layer 2 blockchain.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/shib-price-prediction-as-burn-rate-explodes-420-tbt66844.html">https://thebittimes.com/shib-price-prediction-as-burn-rate-explodes-420-tbt66844.html</a></p>

SHIB price prediction as burn rate explodes 420%

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