Shiba

Convergence

Burn

Shiba Inu

Shiba Inu, a popular meme coin, has experienced a significant dip recently. After a market correction, the value of Shiba Inu price plummeted, causing concern among investors and enthusiasts. This downturn is part of a broader trend affecting many cryptocurrencies, including BTC and ETH, among other altcoins. 
<h2 id="strong-shiba-inu-price-faces-volatility-amid-increased-burn-rate-strong">Shiba Inu Price Faces Volatility Amid Increased Burn Rate</h2> 
Despite this decline, the meme coin has experienced a surge in several key metrics. Trading volumes have increased by 34%, indicating renewed investor interest. According to the latest data from <a rel="nofollow" href="https://www.shibburn.com/">Shibburn</a>, the burn rate of Shiba Inu coins has increased significantly by 1565% over the past 24 hours, resulting in 8,560,795 incinerated coins.&nbsp; 
This activity has reduced the total supply of <a href="https://coingape.com/shiba-inu-coin-shib-burn-skyrockets-7300-hinting-breakout-ahead/">SHIB</a> to 589 trillion. The substantial reduction in available coins has fueled market speculation, suggesting a potential sharp rise in the SHIB price due to these burns. This positive development could signal a potential price recovery for the popular meme coin, reversing the recent bearish trends. 
<h2 id="strong-shiba-inu-price-analysis-can-shib-overcome-bearish-trends-strong">Shiba Inu Price Analysis: Can SHIB Overcome Bearish Trends?</h2> 
Over the past 24 hours, the SHIB price has experienced a. The <a href="https://coingape.com/top-dog-themed-memecoins/">dog-theme memecoin</a> saw its price oscillate between a low of $0.00001562 and a high of $0.00001667.&nbsp; 
At the time of writing, the <a href="https://coingape.com/price/shiba-inu/">SHIB price</a> hovered at $0.00001592, with a slight decrease of 3%. 
The technical indicators for SHIB reveal a mixed outlook. The Relative Strength Index (RSI) on the 4-hour chart is at 33, indicating that SHIB is approaching oversold territory, which could signal a potential reversal.&nbsp; 
However, the Moving Average Convergence Divergence (MACD) shows bearish momentum, as evidenced by the MACD line crossing below the signal line. The histogram supports this bearish sentiment, with negative values indicating decreasing buying pressure. 
If the bear mounts more pressure, <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/">Shiba Inu price prediction</a> could break below the support level at $0.00001550 to $0.000015 and even $0.00001450 in the coming days.&nbsp; 
<figure id="attachment_210475" aria-describedby="caption-attachment-210475" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210475" src="https://coingape.com/wp-content/uploads/2024/08/SHIBUSDT_2024-08-01_12-36-22.png" alt="Shiba Inu Price Dips Despite Burn Rate &amp; Whale Activity Spike: Will SHIB Rebound?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/SHIBUSDT_2024-08-01_12-36-22.png 1154w, https://coingape.com/wp-content/uploads/2024/08/SHIBUSDT_2024-08-01_12-36-22-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/SHIBUSDT_2024-08-01_12-36-22-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/SHIBUSDT_2024-08-01_12-36-22-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-210475" class="wp-caption-text">
 Shiba Inu Price By <a rel="nofollow" href="https://www.tradingview.com/x/p1G9sy7i/">TradingView</a>
 </figcaption>
</figure> 
According to <a rel="nofollow" href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=largeTransactions">IntoTheBlock</a> data, there has been a notable increase in substantial Shiba Inu transactions over the last week. This spike in activity from large investors is generally seen as a positive signal, indicating growing confidence among these stakeholders.&nbsp; 
The total transaction value now stands at an impressive $58.54 trillion. The network’s overall growth has increased favorably, reinforcing positive market sentiment. 
On the upper side, If bullish momentum gains strength, the 10-EMA and 20-EMA are near the resistance level at $0.000016. If bulls manage to push the price higher, SHIB could reach $0.000017 and potentially $0.000018 in the near future. 
The post <a href="https://coingape.com/markets/shiba-inu-price-dips-despite-burn-rate-whale-activity-spike-will-shib-rebound/">Will Shiba Inu Price Rebound with Surging Burn Rate and Whale Activity?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Shiba Inu Price Rebound with Surging Burn Rate and Whale Activity?

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