Shiba

Skyrocketing

Burn

Shiba Inu

Coin

Shiba Inu Coin price forecast, a popular <a href="https://coingape.com/top-dog-themed-memecoins/" rel="noopener noreferrer nofollow">meme coin</a>, has seen a notable decline in value over the past 24 hours. The <a href="https://coingape.com/price/shiba-inu/" rel="noopener noreferrer nofollow">SHIB price </a>dropped by 2.72%, bringing its current value to $0.00002409. Despite this decrease, the trading volume in the last 24 hours saw a significant increase of 22.16%, reaching $389.66 million.
Shiba Inu’s market cap stands at $14.19 billion, placing it at the 11th position in the cryptocurrency rankings. The coin’s circulating supply is 589.27 trillion SHIB, with the total supply being only marginally higher at 589.527 trillion SHIB.
<h2 id="span-style-font-weight-400-shiba-inu-coin-price-forecast-navigating-through-market-fluctuations-span">Shiba Inu Coin Price Forecast: Navigating Through Market Fluctuations&nbsp;</h2>
Over the past week, the price of Shiba Inu Coin has experienced both declines and gains, showing no clear trend. SHIB’s value has fluctuated between $0.000024 and $0.000023, indicating a bullish trend within narrow boundaries.&nbsp;
<figure id="attachment_197777" aria-describedby="caption-attachment-197777" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-197777" src="https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-20_14-17-55-e1716204337227.png" alt="Shiba Inu Coin Price Forecast: Will Increased Burn Rate Propel SHIB to New Heights?" width="1200" height="617">
 <figcaption id="caption-attachment-197777" class="wp-caption-text">
 Shiba Inu Coin Price Forecast
 </figcaption>
</figure>
This fluctuation has resulted in a 3.9% increase over the week, signaling a period of stagnation. Overall, SHIB has shown a notable increase of over 6% in the past week.
According to <a rel="noopener noreferrer nofollow" href="https://www.shibburn.com/">Shibburn</a>, the burn rate of the meme coin <a href="https://coingape.com/shiba-inu-coin-shib-burn-rate-spikes-500-price-rally-imminent/" rel="noopener noreferrer nofollow">SHIB</a> surged by over 500% today. Insights from Shibburn indicated a 579% increase in the past 24 hours, resulting from burning 9.83 million tokens in various transactions.&nbsp;
Notably, transactions from two addresses have drawn significant market attention. The address 0x608125… moved 3.10 million SHIB to a dead wallet through multiple transactions in 24 hours.&nbsp;
Additionally, the address 0xa9d… transferred 4.69 million SHIB to a dead wallet in the same period. These transactions have significantly contributed to the spike in SHIB’s burn rate. The increased activity from these specific addresses played a major role in the sharp rise in the burn rate, highlighting a substantial market movement in the past day.
<h2 id="span-style-font-weight-400-technical-indicators-and-market-sentiment-span">Technical Indicators and Market Sentiment</h2>
The <a href="https://coingape.com/trending/will-shiba-inu-shib-lead-the-memecoin-bull-run/" rel="noopener noreferrer nofollow">meme coin Shiba Inu</a> is currently grappling with a significant resistance level at $0.000025. Overcoming this barrier could propel its value to $0.000026. Such a breakthrough might pave the way for reaching the $0.00003 mark.
Conversely, a downturn could push its price down to a support level of $0.000023. If market sentiment turns negative, <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/" rel="noopener noreferrer nofollow">Shiba Inu pric</a>e could dip further to $0.000024. Increased bearish momentum might confirm a downward trend.
The Daily technical indicators for the Shiba Inu show mixed signals. The Relative Strength Index (RSI) is 47.14, placing SHIB in the neutral zone, indicating that the token is neither overbought nor oversold.&nbsp;
<figure id="attachment_197779" aria-describedby="caption-attachment-197779" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-197779" src="https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-20_14-15-22-e1716204414489.png" alt="Shiba Inu Coin Price Forecast: Will Increased Burn Rate Propel SHIB to New Heights?" width="1200" height="617">
 <figcaption id="caption-attachment-197779" class="wp-caption-text">
 Shiba Inu Coin Price Forecast| Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/MHxx9n5e/">Tradingview</a>
 </figcaption>
</figure>
The Moving Average Convergence Divergence (MACD) shows a MACD line value of 0.00000020 and a signal line value of -0.00000009. The histogram is slightly positive at 0.00000029. The Average Directional Index (ADX) stands at 13.84, indicating a weak market trend, and the Awesome Oscillator (AO) displays a value of -0.00000044, suggesting a bearish sentiment.
The post <a href="https://coingape.com/markets/shiba-inu-coin-price-forecast-amid-skyrocketing-burn-rate-0-00005-shib-before-june/" rel="noopener noreferrer nofollow">Shiba Inu Coin Price Forecast Amid Skyrocketing Burn Rate, $0.00005 SHIB Before June?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Coin Price Forecast Amid Skyrocketing Burn Rate, $0.00005 SHIB Before June?

Table of Contents

Coingape News Media

Other articles published on May 20, 2024

Unlocking the Potential of Affiliate Marketing: How XERA Pro Empowers Tech Evangelists

After Epic Jump in Bitcoin and Ethereum, Big Bear il Capo Reveals What to Expect Next in Price

Lambro The Future Of Digital Entertainment By Agatech

Bitcoin and Cardano Skyrocket With 716% Increase in Fund Flows

Litecoin stalls near $90 level: Will this group swoop in to save LTC?

BlockDAG’s Innovative Dashboard Drives Growth In $28.3 Million Presale Amid Ripple and ICP Diffic...

Join our free newsletter for daily crypto updates!