SHIB Price Soars After More Shiba Inu Tokens Burned

• 171,675 Shiba Inu tokens burned in the last 24 hours.
• SHIB price surged by 1.32% in the last 24 hours.
• SHIB is next anticipated to undergo correction.

SHIB price has risen significantly over the past 24 hours. One factor that has come up as a possible catalyst is the burning mechanism of Shiba Inu tokens. Over 171k Shiba Inu tokens were burned in the last 24 hours. Thereby, possibly triggering an uptick in SHIB price. However, future estimates anticipate a slight correction in the next 5-7 days.

SHIB Price on the Rise

Shiba Inu tokens are currently exchanging hands at $0.00001182. SHIB price is up by 1.32% in the last 24 hours, along with the 24-hour trading volume, which has surged by 40.4%. However, the price reflects a decline of 2.02% and 4.42% over the past 7 days and 30 days, respectively.

What’s coming as a sign of relief is the fact that SHIB price has formed a sideways rectangular pattern. This is potentially compiling the price of the meme coin within a confined range. This is evident from the fact that the volatility is hovering around 4.84%. Shiba Inu Oscillators are signalling a neutral hint, and so is the FGI rating of 50 points.

Shiba Inu Tokens Burned

According to a report by Shibburn, 171,675 Shiba Inu tokens have been burned over the past 24 hours. This is an increase of 146.34% in the token burning. The number compounds to 9,110,540 over the last week for an increase of 394.61%. The burning of the 2nd-ranked meme coin in the respective segment has been associated as one of the major factors for the price rise.

The total supply of the token now stands at 589.5 trillion, out of which 589.24 trillion Shiba Inu tokens are in circulating supply. The market cap is over $6.86 billion, with SHIB noting mostly green trades since the last couple of hours.

What’s Next for SHIB?

The short-term SHIB price prediction estimates the meme coin to decline by 1.24% in the next 5 days. This would take the exchange value to around $0.00001175. Tagged as a correction phase, it will possibly be followed by a surge of 16.28% from the current value. This may happen in the next 30 days, taking the SHIB price to an approximate value of $0.00001384. The 14-Day RSI is 40.33 points. The 50-Day SMA and 200-Day SMA are $0.00001276 and $0.00001315, respectively.

It is important to note that the contents of this article are neither recommendations nor advice for crypto trading. The market is subject to volatility, fluctuations, and other industry situations. Do thorough research and risk assessment before allocating a portion of the portfolio to any cryptocurrency.

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