Shiba Inu (SHIB) has recently become one of the most talked about cryptocurrencies. With a market cap of over $6 billion and a price increase of more than 20,000% last year, this cryptocurrency made headlines for its impressive growth.
With the advancement and development of the cryptocurrency market, many are wondering what the future holds for SHIB. In this article, we will explore the price prediction of Shiba Inu with a trading volume of $300M and look at how far SHIB could go in 2023.
Why Shiba Inu's (SHIB) Burn Rate increased by 1,000%
The burn rate of the popular cryptocurrency token, Shiba Inu (SHIB), has seen a significant increase, with up to 1,000% burned in just a few hours. Despite the fact that the performance of a price remains stable, a sharp increase in its burning rate can be an indicator of the possible return of the asset to the market.
The burning rate is a crucial value that provides information about the overall development and health of a cryptocurrency. When the rate of burning increases, it is often seen as a positive sign for the future growth of an asset.
Although Shiba Inu has experienced a recent fall, the burn rate has steadily increased in recent days.
Moreover, the recent increase in the combustion rate is very noticeable, since less than 20 million pieces of it were burned just a few weeks ago. This sharp rise in the rate of burning operations may mean that investors and traders regain confidence in the asset and become more active in the market.
How does a higher burn rate impact Shiba Inu?
In the cryptocurrency market, a rising burning rate is generally considered an indicator of rising demand and greater investor interest. It is worth noting that the burning rate is a reflection of the overall activity of a token and can be influenced by various factors, the overall activity of the network and its use are the main ones for SHIB.
With the recent increase in the Shiba Inu burning rate, the market could become increasingly bullish on the asset, and its price performance is expected to improve in the coming weeks.
Shiba Inu Price
Shiba Inu is currently trading at $0.000013 in real-time with a 24-hour volume of $277 million. It has gained nearly 2% in the past 24 hours. As of now, it ranks 13th on the CoinMarketCap leaderboard with a real-time market capitalization of $7 billion.
On the technical side, Shiba Inu failed to pass over $0.0000132, a Fibonacci retracement level of 38.2%. In this regard, Shiba Inu is likely to gain immediate support close to the $0.0000126 level.
On the bottom, a breakout below the $0.0000126 level can expose the Shiba Inu price toward the $0.00001170 level.
