What Direction Will SHIB Take in Coming Week—Bullish or Bearish?

• Over all 2,726,655,616 SHIB has burned in the last seven days.
• Shiba Inu is gradually gaining momentum in the market.

The never-ending memecoin season, which was started by the leading meme coin Shiba Inu (SHIB), didn’t fail to treat the SHIB Army and its community. The meme token recently provided its upcoming updates. 

In addition, since the beginning of March, when the Shibarium testnet was launched, the Shiba Inu army has continued its daily burns of SHIB, which have grown quite significantly. Recently, the number of SHIB coins taken out of circulation each week has risen to several billion.

According to Shibburn, within a week, 2,726,655,616 SHIB had been transferred to dead wallets that had no further use for them. Also, 18,922,877 SHIB have been destroyed in five transactions over the past 24 hours.

However, Shiba Inu has been trying to recover over the past few days, but so far the growth has only reached 2% since May 24.

Will Shiba Inu Price Rebound in the Market?

The Shiba Inu price has barely moved in the past 24 hours and is at $0.000008556 right now. It’s down 1.5% over the last week despite an unsettling time for the cryptocurrency market. Also, SHIB has lost 16.6% over the past month. But has gained 5% year-to-date, while many other major cryptocurrencies have seen much larger gains.

Further, SHIB is up 1% from a low set yesterday. That indicates the altcoin might be about to regain some much-needed momentum.

The relative strength index of SHIB’s chart, which indicates overselling, has risen to 50 after spending the previous day at 30. This suggests that SHIB is gradually gaining some momentum. So there is some chance to flip its action in the market.