Shiba

Burn

Bitcoin ETF

Shiba Inu

<ul>
 <li><strong>Shiba Inu experiences a 6,000% surge in burn rates, impacting token supply.</strong></li>
 <li><strong>Analysts predict a Potential rally to $0.00001129 or a downturn to $0.00000826</strong>.</li>
</ul>
<p>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.</p>
<p>Meanwhile, there was a surge in SHIB’s price, triggered by positive news surrounding <a href="https://thenewscrypto.com/bitcoin-price-consolidates-eyeing-for-a-breakout-as-etf-hype-fades/" rel="noopener noreferrer nofollow">Bitcoin</a> 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.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="359" src="https://thenewscrypto.com/wp-content/uploads/2024/01/shiba-burn-1024x359.png" alt="" class="wp-image-89516" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/shiba-burn-1024x359.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/01/shiba-burn-300x105.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/01/shiba-burn-768x269.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/01/shiba-burn.png 1206w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Shiba Inu Burn Tracking Chart, Source: SHIBBURN
  </figcaption>
 </figure>
</div>
<p>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.</p>
<h3 class="wp-block-heading" id="h-what-is-next-shib-s-nearby-stop">What is Next SHIB’s Nearby Stop?</h3>
<p>Analysis of SHIB’s <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">price</a> 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.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="458" src="https://thenewscrypto.com/wp-content/uploads/2024/01/SHIBUSDT_2024-01-18_10-43-35-1024x458.png" alt="" class="wp-image-89517" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/SHIBUSDT_2024-01-18_10-43-35-1024x458.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/01/SHIBUSDT_2024-01-18_10-43-35-300x134.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/01/SHIBUSDT_2024-01-18_10-43-35-768x343.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/01/SHIBUSDT_2024-01-18_10-43-35.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   SHIB Price Chart, Source : TradingView
  </figcaption>
 </figure>
</div>
<p>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.</p>

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

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TheNewsCrypto

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