The Shiba Inu meme coin (SHIB) is showing moderate growth and an increase in burn volume, solidifying its market position and potentially facilitating further growth.
Current SHIB Market Situation
As of press time, SHIB prices have reached $0.00002599 over the past 24 hours. The daily trading volume has decreased by 27.93%, amounting to $752 million. SHIB has secured a gain of over 36% for the month, with a 4.86% increase over the past week.
Increase in SHIB Burn Volume
The burn volume for SHIB has surged by 2050.95% over the past 24 hours. A total of 410.73 trillion SHIB have been burned within the Shiba Inu ecosystem, leaving over 583.86 trillion tokens in circulation. This increase in SHIB’s burn rate is expected to aid in a price surge.
Technical Indicators and Outlook
Technical indicators for the SHIB/USDT trading pair point to a short-term bullish sentiment. The MACD line resides above the signal line, indicating a potential positive outlook. The CMF indicator suggests a mild positive money flow, reflecting modest buying pressure. If the price follows its upward trajectory, there may be a rise to $0.000030.
Shiba Inu is bolstering its position through moderate growth and a significant increase in burn volume. Sustained buying pressure is necessary for continued price ascension.
