Shiba Inu Burn Rate Surges But Will That Help SHIB Bulls?

• Shiba Inu experiences a 6,000% surge in burn rates, impacting token supply.
• Analysts predict a Potential rally to $0.00001129 or a downturn to $0.00000826.

Shiba Inu, a prominent memecoin has recently caught the attention of the cryptocurrency community due to a significant surge in burn rates, marking a 6,000% increase, according to the Shibburn wallet tracker. This surge indicates a deliberate effort to lock away a substantial amount of SHIB tokens, potentially impacting its overall supply and influencing market dynamics. However, daily burns remain in the red zone, introducing a level of contrast to the positive trend.

Meanwhile, there was a surge in SHIB’s price, triggered by positive news surrounding Bitcoin ETF approval, which saw a 14% increase. Despite this, subsequent market dynamics resulted in a notable price decline, and as of now, SHIB is valued at $0.000009474 with 2% decline in the past 24 hours. 

Shiba Inu Burn Tracking Chart, Source: SHIBBURN

Amidst this, Experts are providing insights into the potential trajectory of SHIB with a price forecast for this month. The expected average SHIB rate for the month is projected at $0.00000956, with minimum and maximum ranges anticipated at $0.00000861 and $0.0000105, respectively.

What is Next SHIB’s Nearby Stop?

Analysis of SHIB’s price movements paints a precarious picture. The daily chart shows a potentially bearish trend, with the 9-day exponential moving average (EMA) currently positioned above the trading price at $0.000009644. However, the daily relative strength index (RSI) suggests a neutral condition, standing at 45.

SHIB Price Chart, Source : TradingView

Prospects indicate a potential fresh rally toward the $0.00001129 mark if the price surpasses the $0.00001049 level. Conversely, a downturn below the $0.00000871 mark could test the $0.00000826 support level.