Shiba

Flow

Burn

Shiba Inu

Coin

<img width="1200" height="686" src="https://coingape.com/wp-content/uploads/2024/01/shiba-inu-burn-1-e1708617111801.jpg" class="attachment-full size-full wp-post-image" alt="Shiba Inu Coin Price Analysis: As SHIB Burn Skyrockets, Will Bulls Seize The Opportunity For A Run To $1?" decoding="async" style="float:right; margin:0 0 10px 10px;">
Shiba Inu Coin price analysis: SHIB has recently seen a significant uptick in its market performance, showcasing an impressive rally in the last month. The meme-based cryptocurrency breached the resistance level of $0.0000095, signifying a strong bullish momentum. At the time of writing, the <a href="https://coingape.com/price/shiba-inu/">price of Shiba Inu Coin </a>is at $0.000009559, reflecting a growth of 2% in the past 24 hours. 
<h2 id="strong-shiba-inu-coin-price-analysis-what-s-behind-recent-market-surge-strong">Shiba Inu Coin Price Analysis: What’s Behind Recent Market Surge?</h2> 
Over the past Two weeks, SHIB witnessed a notable appreciation, with its value increasing by more than 5%, moving from $0.0000088 to its current stance above $0.0000095. This upward trend highlights a robust confidence from the investment community. 
<figure id="attachment_181990" aria-describedby="caption-attachment-181990" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/02/Shiba-Inu-Coin-Price-Analysis.png"><img decoding="async" class="size-large wp-image-181990" src="https://coingape.com/wp-content/uploads/2024/02/Shiba-Inu-Coin-Price-Analysis-1224x552.png" alt="Shiba Inu Coin Price Analysis: As SHIB Burn Skyrockets, Will Bulls Seize The Opportunity For A Run To $1?" width="1224" height="552" srcset="https://coingape.com/wp-content/uploads/2024/02/Shiba-Inu-Coin-Price-Analysis-1224x552.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Shiba-Inu-Coin-Price-Analysis-300x135.png 300w, https://coingape.com/wp-content/uploads/2024/02/Shiba-Inu-Coin-Price-Analysis-768x347.png 768w, https://coingape.com/wp-content/uploads/2024/02/Shiba-Inu-Coin-Price-Analysis-1536x693.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Shiba-Inu-Coin-Price-Analysis-150x68.png 150w, https://coingape.com/wp-content/uploads/2024/02/Shiba-Inu-Coin-Price-Analysis.png 1815w" sizes="(max-width: 1224px) 100vw, 1224px"></a>
 <figcaption id="caption-attachment-181990" class="wp-caption-text">
 Shiba Inu Coin Price Analysis
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</figure> 
Notably, on February 15, Shiba Inu Coin surged to retake the $0.00001 mark, a milestone it had yet to reach in the preceding month, before experiencing a slight pullback to $0.00000930 after attempting to sustain its position above this key level 
The current market capitalization of Shiba Inu Coin sits at $5.62 billion, placing it as the 17th largest cryptocurrency per <a rel="nofollow" href="https://coinmarketcap.com/currencies/shiba-inu/">CoinMarketCap</a> data. Despite a 27% drop in its 24-hour trading volume, now at $167 million, the enthusiasm among traders and investors for Shiba Inu remains visible, signaling a sustained interest in its market performance. 
<h2 id="strong-shiba-inu-coin-price-analysis-shib-burn-fuels-optimism-strong">Shiba Inu Coin Price Analysis: SHIB Burn Fuels Optimism</h2> 
The Ethereum-based meme coin has experienced a notable increase in its token destruction rate over the last day, as reported by <a rel="nofollow" href="https://www.shibburn.com/">Shibburn</a>. The burn rate of Shiba Inu (SHIB) tokens has dramatically risen, increasing 8,511.59%, with a staggering 86,115,940 SHIB tokens being permanently removed from circulation. This upsurge in tokens sent to dead wallets has injected a renewed sense of optimism into the market’s view of the meme coin. 
The rate at which <a href="https://coingape.com/shiba-inu-burn-rate-soars-4205-amid-sheboshi-hype-shib-price-to-rally/">Shiba Inu tokens </a>are burned is critical for assessing the token’s capacity for significant growth or recovery. As SHIB hovers near the $0.00001 resistance level, the recent boost in the burn rate plays a pivotal role. It aims to consolidate market bullish efforts to achieve set growth objectives, suggesting a strategic move to enhance the coin’s value and scarcity. 
<h2 id="strong-technical-indicators-signal-strong-momentum-for-shib-strong">Technical Indicators Signal Strong Momentum for SHIB</h2> 
Shiba Inu Coin is currently at a crucial juncture, facing the $0.00001 resistance level. Surpassing this barrier could pave the way for further gains, reaching up to $0.000015 or even the optimistic $0.0001 mark. However, a dip below $0.000009 could reverse the bullish forecast, pushing the coin toward the $0.0000080 support level. 
<figure id="attachment_181989" aria-describedby="caption-attachment-181989" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2024/02/SHIBUSD_2024-02-22_18-08-22.png"><img decoding="async" class="size-full wp-image-181989" src="https://coingape.com/wp-content/uploads/2024/02/SHIBUSD_2024-02-22_18-08-22.png" alt="Shiba Inu Coin Price Analysis: As SHIB Burn Skyrockets, Will Bulls Seize The Opportunity For A Run To $1?" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/02/SHIBUSD_2024-02-22_18-08-22.png 1154w, https://coingape.com/wp-content/uploads/2024/02/SHIBUSD_2024-02-22_18-08-22-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/02/SHIBUSD_2024-02-22_18-08-22-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/02/SHIBUSD_2024-02-22_18-08-22-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px"></a>
 <figcaption id="caption-attachment-181989" class="wp-caption-text">
 Shiba Inu Coin Price Chart: <a rel="nofollow" href="https://www.tradingview.com/x/yPtbjSZD/">Tradingview</a>
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</figure> 
Technical indicators support the optimistic outlook for Shiba Inu Coin. The Relative Strength Index (RSI) is at a moderately neutral 52, tilting towards an overbought condition, which suggests bullish momentum. The Chaikin Money Flow index stands at 0.19, indicating a positive inflow of money into the asset. The 20 Exponential Moving Average (EMA) and the 50-EMA add to the bullish sentiment surrounding the coin. 
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The post <a href="https://coingape.com/markets/shiba-inu-coin-price-analysis-as-shib-burn-skyrockets-will-bulls-seize-the-opportunity-for-a-run-to-1/">Shiba Inu Coin Price Analysis: As SHIB Burn Skyrockets, Will Bulls Seize The Opportunity For A Run To $1?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Coin Price Analysis: As SHIB Burn Skyrockets, Will Bulls Seize The Opportunity For A Run To $1?

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