Shiba

Convergence

Burn

Shiba Inu

Shiba Inu, a dog-themed coin, has experienced market volatility over the past 24 hours following a slight market correction. The token currently hovers above $0.000017, which is strong support for traders.&nbsp; At the time of writing, Shiba Inu price is trading at $0.00001718 with a slight decrease of 4% during the European trading session.&nbsp;
According to <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/shiba-inu/">CoinMarketCap</a> data, the market cap of Shiba Inu stands at $10 billion, ranking it at #13 among cryptocurrencies. The 24-hour trading volume is $316 million, marking a 27% decrease in volume. The circulating supply of SHIB is 589 trillion, with a total supply matching this figure.
<h2 id="strong-shiba-inu-price-fluctuates-amid-market-volatility-strong">Shiba Inu Price Fluctuates Amid Market Volatility</h2>
Despite a surge in the <a href="https://coingape.com/price/shiba-inu/" rel="noopener noreferrer nofollow">SHIB price</a> over the past few days, the altcoin has declined by 10% over the past seven days. The fluctuation is evident from the weekly chart, which shows a peak of $0.00001979 on 17th July, followed by a steady decline, reflecting market volatility.
The all-time high for SHIB was $0.00008845, achieved on October 28, 2021, marking an 80% decrease from its peak. In the past 24 hours, SHIB has traded within a low range of $0.0000171 and a high of $0.00001792. The market trends indicate continued fluctuations as the coin adjusts to market conditions.
<h2 id="strong-significant-surge-in-shiba-inu-coin-burn-rate-strong">Significant Surge in Shiba Inu Coin Burn Rate</h2>
Shiba Inu price has seen a significant increase in its burn rate, soaring by 500% in just one day. According to <a rel="noopener noreferrer nofollow" href="https://www.shibburn.com/">Shibburn</a>, a total of 60,380,203 SHIB tokens were destroyed in the past 24 hours. This surge coincided with the announcement of an Ethereum ETF, sparking widespread interest in the crypto sector.&nbsp;
<blockquote class="twitter-tweet">
 HOURLY SHIB UPDATE<a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> Price: $0.0000172 (1hr 0.00% ▼ | 24hr -3.06% ▼ ) Market Cap: $10,146,817,026 (-2.93% ▼) Total Supply: 589,272,293,531,457
 TOKENS BURNT Past 24Hrs: 60,380,203 (482.88% ▲) Past 7 Days: 135,026,217 (27.66% ▲)
 — Shibburn (@shibburn) <a rel="noopener noreferrer nofollow" href="https://twitter.com/shibburn/status/1815643056122560735?ref_src=twsrc%5Etfw">July 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Over the past week, 135,026,217 SHIB tokens have been burned, marking a 27.66% rise. These tokens are permanently removed from circulation and sent to what is known as ‘dead wallets.’ This reduction in supply is part of a broader strategy to influence the token’s value amid volatile crypto market trends.
<h2 id="strong-is-a-rebound-likely-amidst-market-correction-strong">Is a Rebound Likely Amidst Market Correction?</h2>
Shiba Inu price is currently confronting a crucial resistance level at $0.000019. If it surpasses this threshold, its value could escalate to $0.000025. Achieving this could set the stage for a rise to the $0.00003 level.&nbsp;
On the flip side, increasing bearish pressure might force the <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/" rel="noopener noreferrer nofollow">Shiba Inu price prediction</a> to fall to $0.000017. A shift in market mood to the negative could further reduce its price to $0.000018. A continued drop would indicate a downward trend in Shiba Inu’s market performance.
<figure id="attachment_209052" aria-describedby="caption-attachment-209052" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-209052" src="https://coingape.com/wp-content/uploads/2024/07/SHIBUSD_2024-07-23_17-12-45.png" alt="Shiba Inu Price Holds $0.000017 as Burn Rates Ecclarates 500%" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/07/SHIBUSD_2024-07-23_17-12-45.png 1154w, https://coingape.com/wp-content/uploads/2024/07/SHIBUSD_2024-07-23_17-12-45-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/07/SHIBUSD_2024-07-23_17-12-45-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/07/SHIBUSD_2024-07-23_17-12-45-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-209052" class="wp-caption-text">
 Shiba Inu Price Chart|Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/mLfbuekn/">TradingView</a>
 </figcaption>
</figure>
The 24-hour technical analysis of Shiba Inu shows a continuous decline in price volatility. The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Relative Strength Index </a>(RSI) is currently at 45.98, hovering below the midline, which suggests a slight bearish momentum or a consolidation phase.&nbsp;
The Moving Average Convergence Divergence (MACD) indicator also supports this view, as the MACD line is below the signal line, and both are trending downward, further confirming the bearish outlook.
The post <a href="https://coingape.com/markets/shiba-inu-price-holds-as-burn-rates-ecclarates/" rel="noopener noreferrer nofollow">Shiba Inu Price Holds $0.000017 as Burn Rate Explodes 700%</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Price Holds $0.000017 as Burn Rate Explodes 700%

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