The cryptocurrency Shiba Inu is once again in the spotlight due to impressive price dynamics and increased token burn rate in recent days.
41 Million SHIB Tokens Burned in 24 Hours
Over the past 24 hours, the shibburn rate has increased by more than 18%, totaling 41.453 million tokens. This occurred due to seven transactions, of which two burned less than one token. Additionally, three transactions burned over a million tokens, with one exceeding 23 million. Overall, today's burn value was just over $601, making it one of the best days for burns this month.
Shiba Inu Coin: Positive and Negative Trends
Today, SHIB price exhibits neutral price action with less than 1% variation. The daily trading volume is just over $190 million, maintaining its value around the $0.00001450 mark. With a market cap of $8.54 billion, it holds a dominance of 0.2464%. Despite this, the Moving Average Convergence Divergence (MACD) shows a constant red histogram, which could indicate negative price action this week. The Simple Moving Average (SMA) also shows a bearish convergence in the Shiba Inu price chart.
Growth Prospects for SHIB in the Coming Days
If the market favors bulls, this could lead SHIB to retest its resistance zone at $0.0000150. Maintaining the price above that level could set the stage for hitting the upper price target of $0.000020 in the near future. On the contrary, if bears prevail, this second-largest meme coin could drop toward its support zone at $0.0000120. If bulls fail to regain momentum, this may act as a catalyst for a price plunge toward its crucial support level at $0.000010.
Thus, Shiba Inu displays both positive and negative aspects at this stage, with its future fate depending on market conditions in the coming days.
