Shiba Inu Price Prediction as SHIB Rises 1.7% in 24 Hours – $1 SHIB Possible Soon?

Last updated: May 12, 2024 11:42 am EDT | 2 minute read

Shiba Inu

Shiba Inu trading price of $0.000023 shows little fluctuations, but there are lively speculations about its future growth. Given a marginal increase of 1.7% in the last 24 hours, the fervor is out there Shiba Inu Price Predictions intensifies, with discussions focusing on the potential of the token reaching a $1 valuation.

Supported by substantial trading activity and significant market capitalization, SHIB continues to capture the attention of the cryptocurrency community.

Shiba Inu Sees 338% Increase in Token Consumption: Millions of SHIBs Vanish

Over the past week, Shiba Inu (SHIB) saw an impressive 338% increase in token consumption rate, resulting in the permanent removal of 200,591,910 SHIB tokens from circulation.

This significant increase in burning activity reflects the cryptocurrency’s strategy of decreasing its supply and potentially increasing its value. The dramatic increase in burns, detailed in Shibburn’s latest update, is part of ongoing efforts to improve the dynamics of the Shiba Inu market.

• Increased burning rate: 338.77% in the last week.
• SHIB Tokens Burned: 200,591,910 tokens permanently removed.
• Scope: To decrease the supply and improve the value of the token.

Shiba Inu price prediction

Shiba Inu features a key pivot point at $0.000024, with immediate resistance at $0.000025, with subsequent hurdles at $0.000026 and $0.000028.

In contrast, support levels are currently located at $0.000022, $0.000021, and $0.000018. A break below these could lead to a further decline in price, potentially targeting the $0.000018 mark in a broader bearish scenario.

From a technical perspective, the Relative Strength Index (RSI) stands at 41, indicating a slight bearish trend but not completely oversold, suggesting the potential for both moves depending on market inputs.

The 50-day exponential moving average (EMA) at $0.000023 also suggests bearish sentiment, as the current price is hovering below this indicator.

Shiba Inu price prediction

If Shiba Inu price sustains below its $0.000024 pivot, it could confirm the bearish outlook. However, any upward move beyond this pivot could invite a reversal of bullish conditions. This intricate balance between bearish and bullish signals gives traders a complex landscape to navigate.

In conclusion, traders should monitor these levels closely, as a break above $0.000024 could signal a shift towards bullish trends, while continuing to trade below could further consolidate the current bearish path.

Last chance to buy Dogeverse before launch: raised over $15 million

Dogeverse, the rapidly expanding meme coin network that spans multiple blockchains, including Ethereum, BNB Smart Chain, Polygon, and soon Solana, Base, and Avalanche, has made a notable splash in the cryptocurrency world.

The project has successfully raised over $15 million, exceeding its initial goal of just under $13 million. Currently priced at $0.00031, Dogeverse expects a price increase in less than a day.

This broad expansion aims to blend the popular appeal of Doge with superior blockchain capabilities, promising greater utility and wider adoption. With launch imminent, this is your last chance to invest in Dogeverse at the current rate.

Shiba Inu Price Prediction For more updates and to interact with the community, follow the official Dogeverse channels on Twitter AND Telegram.

Buy Dogeverse now – take the opportunity to buy at the current price before it increases!

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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