Shiba Inu’s (SHIB) drastic cut in supply often results in heightened interest among investors. However, in the current market conditions SHIB has continued to struggle alongside other cryptocurrencies as macroeconomic factors hinder price upswing.
According to recent reports, the Shiba Inu community is making immense efforts to reduce the tokens in circulation. Following this, a top analyst has predicted that the price of this dog-themed cryptocurrency could reach $0.0001.
Community Burns Over 30M SHIB Tokens in the Last 24 Hours
Burning of tokens is important for SHIB as it helps create scarcity with an aim to boost the value of the remaining tokens. As shared on X by Shibburn, an automatic SHIB burn tracker, the Shiba Inu community burnt 30,382,169 tokens in the last 24 hours. This massive burn saw the burn rate of SHIB surge to 3,763.22%.
HOURLY SHIB UPDATE$SHIB Price: $0.00001268 (1hr 0.24% ▲ | 24hr -4.04% ▼ )
Market Cap: $7,472,997,758 (-4.01% ▼)
Total Supply: 589,255,204,562,826TOKENS BURNT
Past 24Hrs: 30,382,169 (3763.22% ▲)
Past 7 Days: 88,583,871 (-22.96% ▼)— Shibburn (@shibburn) March 9, 2025
While the burn rate increased over the last day, the current burn rate is lower than last week’s. The data by Shibburn shows that Shiba Inu’s burn rate has dropped by 22.96% in the last 7 days. As of the time of the report, Shiba Inu had a total of 589.25T SHIB tokens in circulation. This is still a huge number and the community will have to work harder to reduce the supply in order to increase demand and the price.
Shiba Inu Price Movement and Technical Outlook
The move has led to increased expectations for the prices of SHIB to go higher. However, the price of Shiba Inu is currently on a downward momentum. As per the 1-hour chart, the current price of Shiba Inu (SHIB) stands at $0.00001251 demonstrating a minimal price drop in the day.
The coin recently faced a strong resistance at $0.00001363 which has since seen the price shift to a downward trend. If this downward trend persists, Shiba Inu could breach a key support around the $0.00001220 level.
A fall below this level could see SHIB dip further towards the next support at $0.00001159. However, if bulls gain strength Shiba Inu could experience a shift in momentum and try to break out towards $0.00001363. The next resistance stands at $0.00001516.
Looking at the technical indicators of SHIB, the Relative Strength Index (RSI) points to a potential reversal. The RSI currently stands at 30.81 meaning the coin is oversold. If buying pressure picks up pace, the price could shift to an upward momentum.
According to the MACD (Moving Average Convergence Divergence) indicator the market momentum remains bearish. Selling pressure is still prevalent in the mark as the MACD line is below the signal line.
Additionally, the histogram bars are negative hence confirming slight bearish momentum. SHIB faces additional price decline unless buying picks up pace. Market participants must track SHIB’s volume levels coupled with the RSI trend to validate a possible trend reversal.
Analysts Predicts “SHIB $0.0001 Incoming”
After the recent surge in the burn rate of Shiba Inu coins, a SHIB enthusiast and analyst “SHIBpossessor” predicted that the coin could reach $0.0001. According to his post on X, the analyst wrote, “SHIB $0.0001 incoming.”
However, for SHIB to achieve such a milestone, favorable conditions must persist in the market. Currently the dog-themed cryptocurrency is under immense pressure as it risks breaching a key support. How the price will perform moving forward will determine whether SHIB will grace the $0.0001 mark. Shiba Inu’s all-time high currently sits at $0.00008616 and was achieved on Sep. 8, 2021.
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