Skyrocketing

Resistance

Shiba Inu

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Shiba Inu prices surged over 19%, and in a month, SHIB prices rose more than 25%.</a> </li> 
 <li> <span>2</span> <a>In the past 24 hours, the SHIB burn rate increased by 65.05%, and the community burned 60,710,232 $SHIB.&nbsp;</a> </li> 
 <li> <span>3</span> <a>At press time, SHIB was trading at $0.000009859 with a 24 hour trading volume of $418,285,888.&nbsp;</a> </li> 
</ul> 
<p>Shiba Inu (SHIB) is one of the most popular memecoins, which was ranked 14th in the market in terms of market capitalization and 15th in terms of trading volume. SHIB was trading at $0.000009859 with a 24 hours trading volume of $418,285,888 at press time.</p> 
<p>In the weekly time frame, Shiba Inu price surged over 19%, and in a month, SHIB pricerose more than 25%. In the 52 weeks time frame, Shiba Inu’s highest trading price was $0.00001800, and its lowest traded price was $0.00000543.&nbsp;</p> 
<p>On August 6 and August 7, 2023, sellers dragged the price downwards. In the past 24 hours, Shiba Inu’s trading volume surged more than 77%.&nbsp;</p> 
<h2 class="wp-block-heading" id="shiba-inu-price-analysis-prediction">Shiba Inu Price Analysis &amp; Prediction</h2> 
<p>According to Shibburn, a website eyeing and providing data related to SHIB coin burn, in the past 24 hours, the SHIB burn rate increased by 65.05%, and the community burned 60,710,232 $SHIB.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/19KHYyrDF174Jdq3L5Pn1fSIWJskkUW-3SDfH8QvMz_ZyWwzUEKC3lciYUpDlCZZhGNJJg1N-nV_kQ2rOCH93zhTianFm1duVO0xG83bmqEzzzX4qJxo1-xZoJxi6q61uFp1jmSGJcGB1c5AbEUN4wg" alt="Skyrocketing Shiba Inu Price Backed by Shibarium or Whales?"> 
  <figcaption class="wp-element-caption">
    Source: Shiba Inu price chart from TradingView&nbsp; 
  </figcaption> 
 </figure> 
</div> 
<p>Dozens of market observers believe that the surge in the price is because of the increased burn rate and increasing demand for SHIB coins. The <a href="https://www.thecoinrepublic.com/2023/08/07/bone-shibaswap-price-prediction-shibs-next-phase-requires-bone/" rel="noopener noreferrer nofollow">Shiba Inu </a>community is constantly working to reduce their circulating supply as they believe that less the number of tokens, more the price.</p> 
<p>After analyzing the fundamentals of the Shiba Inu ecosystem, it is claimed that the recent development of Shibarium is pushing the SHIB price upwards. At press time, Shiba Inu is trading above the 50-day EMA and is trading below the 200-day EMA.</p> 
<p>As <a href="https://www.thecoinrepublic.com/2023/07/30/bone-shibaswap-could-see-bearishness-as-bullish-momentum-drops/" rel="noopener noreferrer nofollow">memecoin</a> prices rise steadily, buyers are more interested than sellers. If bears remain active, SHIB price might face immediate resistance of $0.00001055 and the next possible Resistance of $0.00001190.</p> 
<p>If buyers fail to dominate sellers, then the price might get in trouble, and it is expected that its price might slip and face immediate support of $0.00000898 and the next possible support of $0.00000847.</p> 
<p>At press time, the total number of burned SHIB coins from the initial supply is $410,652,775,031,679, and as of now circulating supply of 579,297,025,456,132.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Technical Levels&nbsp;</strong></h4> 
<p>Major Support: $0.00000898 &amp; $0.00000847&nbsp;</p> 
<p>Major Resistance: $0.00001055 &amp; $0.00001190</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>Shiba Inu is one of the most popular memecoins after Dogecoin. The SHIB token has become a worldwide phenomenon and is now accepted as a form of payment at hundreds of locations, either directly or through third-party intermediaries. After analyzing the technical aspects of SHIB, it is noted that by the end of the ongoing week, some significant activity might be seen in the memecoin price.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Disclaimer&nbsp;</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Skyrocketing Shiba Inu Price Backed by Shibarium or Whales?

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