Shiba Inu Coin: A Look at the Recent Developments
The Second-Largest Meme Coin Takes a Dive
In a surprising turn of events, the second-largest meme coin by total market capitalization saw a significant drop in price on Friday due to risk-off sentiment prevailing in the market.
The Effort to Reduce Inu Coin Supply
The Shiba Inu cryptocurrency ecosystem has recently witnessed a substantial increase in the rate at which SHIB tokens are being burned, with a staggering 1,344% surge in token burning activities seen in April. This surge in token burning comes at a crucial time for the SHIB community, coinciding with indications that the token’s price might be on the verge of major fluctuations.
The primary objective is to decrease the massive supply of 999,982,362,289,250 SHIB tokens to make them scarcer and potentially more valuable over time. Another factor contributing to the increase in SHIB’s value is the introduction of Shibarium, the layer-2 blockchain solution.
Launched last summer, Shibarium aims to facilitate the development of decentralized applications (dApps) encompassing various sectors like DeFi projects, non-fungible tokens (NFTs), and gaming apps, all within the Shiba Inu ecosystem.
According to a recent Shibburn tweet, a total of 135,451,536 SHIB tokens were eliminated in 12 separate transactions within the last 24 hours, amounting to nearly $3,868.50. The significant surge in the burn rate has sparked discussions among investors and token enthusiasts regarding its potential impact on future value.
Price Prediction for Shiba Inu
Despite a period of stagnation in SHIB’s price recently, the broader cryptocurrency market has shown renewed bullish momentum before the dominance of risk-off sentiment on Friday.
SHIB experienced a brief rally starting from April 6, witnessing three days of gains before facing a round of profit-taking. As of the latest update, SHIB experienced a decline of up to 12.5% on Friday.
In the near term, Shiba Inu’s outlook suggests resistance levels between $0.000031 and $0.000036, wherein approximately 20.96 trillion SHIB was purchased by 137,600 holders at an average price of $0.000033.
On the downside, if SHIB’s price drops, it could find support between $0.000018 and $0.00020, with the 100-day moving average coming into play. A more robust support zone lies between $0.000015 and $0.000016.
Looking ahead, the previous support level for Shiba Inu coin around $0.000024 is now expected to act as resistance should bulls regain momentum in the near term. For the mid-term and the rest of 2024, a significant resistance is anticipated near $0.00045, while a strong support level is close to $0.000012.
