Shiba

Burn

April

Shiba Inu

Coin

SHIB price forecast: SHIB, a meme-inspired <a href="https://coingape.com/glossary/cryptocurrency/">cryptocurrency</a>, has seen a significant decline in value within the last day. The meme coin has recently been following a downward trajectory, slipping past significant support markers. Currently, the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu Coin price</a> is $0.00002263, reflecting a decline of 2.7% over the past 24 hours. 
The trading volume for the same period has fallen by 2%, now at approximately $1.08 billion. This decrease in trading activity suggests a cooling interest among investors at the moment. With a market capitalization of $13.33 billion, Shiba Inu Coin is the twelfth largest cryptocurrency, as listed by CoinMarketCap. 
<h2 id="strong-shib-price-forecast-widespread-corrections-as-halving-approaches-strong">SHIB Price Forecast: Widespread Corrections as Halving Approaches</h2> 
The notable <a href="https://coingape.com/halving/bitcoin-halving/">Bitcoin halving</a> event is imminent in three days, but a noticeable dip in cryptocurrency values has emerged. <a href="https://coingape.com/price/bitcoin/">Bitcoin</a> recently fell to $61,000, while Ethereum, ranking second in market capitalization, also had a significant drop, and is now priced at $3,096.&nbsp; 
This downtrend extends to other cryptocurrencies, including SHIB, reflecting widespread market hesitancy. This correction across the board suggests that investors are cautious, anticipating increased volatility surrounding the halving. 
<figure id="attachment_191870" aria-describedby="caption-attachment-191870" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-191870" src="https://coingape.com/wp-content/uploads/2024/04/Shiba-Inu-4-e1713279398518.png" alt="SHIB Price Forecast: What’s Next For Shiba Inu Coin As Burn Rate Defies Crypto Sell-Off?" width="1200" height="642">
 <figcaption id="caption-attachment-191870" class="wp-caption-text">
 SHIB Price Forecast
 </figcaption>
</figure> 
Shiba Inu Coin’s significant decline over the last week, dropping over 20% in value has seen it oscillate between $0.0000191 and $0.000028. This recent fall contributes to an overall 18% drop over the past month, highlighting a persistent bearish trend in the market. 
Other meme coins, including Dogecoin, WIF, and PepeCoin, have similarly experienced downward movements, with prices dropping in double-digits. This collective slump reflects a broader market retreat, impacting numerous digital currencies in this category. 
<h2 id="strong-shib-token-burn-increases-amid-price-fluctuations-strong">SHIB Token Burn Increases Amid Price Fluctuations</h2> 
The meme coin <a href="https://coingape.com/markets/shiba-inu-coin-price-analysis-as-shib-burn-surges-will-it-reach-0-01-amidst-bull-run/">SHIB</a> has witnessed a rise in its token burn rate, soaring by 489.87% to reach 19,345,086 SHIB tokens incinerated in the past day. This information comes from the Shibburn X platform and marks a significant escalation in efforts to reduce the circulating supply of SHIB. This spike in burning activity correlates with a period of fluctuating prices for the cryptocurrency, which recently saw a decline. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> Price: $0.00002174 (1hr 1.72% ▲ | 24hr -7.99% ▼ ) Market Cap: $12,841,479,416 (-7.36% ▼) Total Supply: 589,274,423,079,142 
 TOKENS BURNT Past 24Hrs: 19,345,086 (489.87% ▲) Past 7 Days: 774,134,559 (193.4% ▲) 
 — Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1780129049752281268?ref_src=twsrc%5Etfw">April 16, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Such market developments reflect the community’s strategic moves to enhance the token’s rarity, potentially increasing its value amid price instabilities. The active participation in burning tokens is a clear indicator that holders and enthusiasts aim to create a more stable economic environment for SHIB.&nbsp; 
<a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/">Shiba Inu Coin</a> currently faces a significant resistance level at $0.000023. If it breaks through this barrier, the price may rise toward $0.00003, setting a potential trajectory toward the $0.001 threshold. 
However, if it fails to maintain this momentum and drops below this pivotal point, it could find support at $0.000022. Should selling pressure increase, there is a risk that SHIB could further decline to $0.00002 in the near term. 
<figure id="attachment_191868" aria-describedby="caption-attachment-191868" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-191868" src="https://coingape.com/wp-content/uploads/2024/04/SHIBUSD_2024-04-16_16-46-07.png" alt="SHIB Price Forecast: What’s Next For Shiba Inu Coin As Burn Rate Defies Crypto Sell-Off?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/04/SHIBUSD_2024-04-16_16-46-07.png 1154w, https://coingape.com/wp-content/uploads/2024/04/SHIBUSD_2024-04-16_16-46-07-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/04/SHIBUSD_2024-04-16_16-46-07-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/04/SHIBUSD_2024-04-16_16-46-07-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-191868" class="wp-caption-text">
 SHIB Price Forecast| Source: <a href="https://www.tradingview.com/x/89q20jbs/">Tradingview</a>
 </figcaption>
</figure> 
The Relative Strength Index (RSI) is currently at 38.49. This neutrality indicates that SHIB is neither overbought nor oversold. It also implies a relatively balanced market with room for movement in either direction. Lastly, the Average Directional Index (ADX), stands at 25.84, which signals moderate trend strength. 
The post <a href="https://coingape.com/markets/shib-price-forecast-whats-next-for-shiba-inu-coin-as-burn-rate-defies-crypto-sell-off/">SHIB Price Forecast: What’s Next For Shiba Inu Coin As Burn Rate Defies Crypto Sell-Off?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

SHIB Price Forecast: What’s Next For Shiba Inu Coin As Burn Rate Defies Crypto Sell-Off?

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