Shiba

bullish

Shiba Inu

<ul>
 <li>SHIB has spiked by 2.45%, over the past 24 hours.</li>
 <li>The burn rate of SHIB is down by 45.12% in the last 24 hours, 802,246 tokens were burnt.</li>
</ul>
The meme coin market is priced green, and several meme coins have briefly spiked from their recent lows. Among them, the dog-themed meme coin, Shiba Inu (SHIB), has seen a price recovery of 2.45% over the past 24 hours.&nbsp;
On the other hand, SHIB’s burn rate has been <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">displaying</a> a decline of over 45.12% in the past 24 hours; approximately 802,246 SHIB tokens have been burned, as per the data. To date, the Shiba Inu ecosystem has <a href="https://thenewscrypto.com/shiba-inu-marketing-lead-teases-collaboration-hinting-at-major-shib-burns/" target="_blank" rel="noopener noreferrer nofollow">burned</a> a total of 410.72 trillion SHIB, leaving over 583.42 trillion tokens left in circulation.
Recently, the Shib project launched an upgrade for its burn mechanism on the Shibarium Layer-2 network. This automation-led upgrade uses 70% of Shibarium’s transaction fees and enables users to convert it into SHIB tokens and burn them. This is presumably one of the anticipated features within the <a href="https://thenewscrypto.com/shytoshi-kusamas-cryptic-message-ignites-shiba-inu-community/" target="_blank" rel="noopener noreferrer nofollow">community</a>.
<h3 class="wp-block-heading" id="h-can-shiba-inu-shib-move-higher">Can Shiba Inu (SHIB) Move Higher?</h3>
Zooming in on the weekly price chart, SHIB was briefly up by 0.02% and started trading at $0.00001381. It dived to the weekly low of $0.00001272, and later, the price climbed to $0.00001457. At press time, the asset traded at $0.00001391, with a market cap of $8.13 billion. The meme coin hit its 24 hour high price at $0.00001405 and lowest at $0.00001352. Meanwhile, the daily trading volume has declined by 31.63% and stands at $157 million, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
Besides, the asset is facing selling pressure as the daily relative strength index (RSI) stands at 39.12. The short-term 9-day moving average is below the current price at $0.00001375, indicating bearish momentum. Whereas, the short-term 21-day moving average is at $0.00001482, above the current price, according to TradingView <a href="https://in.tradingview.com/symbols/SHIBUSDT/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfaRB8N1KFB8sT_HhQdaFF_c2iunkyVKGKnNPUAzksK3MTW7BcL6XnNipSO28UqBmJVesWQ89Wd22bByXqsY3EMqbcVeVA9ValcpK2GKxhMRXsOrwyY2h76kx6vQPU84ocpUg9YNnoNDMWy-cmpng0i2oDX?key=GcD01kPd1Y6ZPkmSUo9yRg" alt="">
 <figcaption class="wp-element-caption">SHIB price chart (Source: <a href="https://in.tradingview.com/symbols/SHIBUSDT/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
If the meme coin bulls sustain the bullish momentum, the initial resistance is likely to be at $0.00001454. Consequently, it might test a higher resistance at $0.00001542 if the bulls persist. If the SHIB bears conquer the bulls, the price might fall to $0.00001299. The subsequent support of the asset can be at $0.00001216.&nbsp;
Highlighted Crypto News&nbsp;
<a href="https://thenewscrypto.com/is-xrp-poised-for-major-price-surge-after-years-of-consolidation/" target="_blank" rel="noopener noreferrer nofollow">Is XRP Poised for Major Price Surge After Years of Consolidation?</a>

Can Shiba Inu (SHIB) Expect a Revival Soon this Week?

Table of Contents

TheNewsCrypto

Other articles published on Aug 14, 2024

Pump.fun's High Failure Rate Revealed: 98.6% of Memecoins Never Launch

Coinbase Is Developing a Wrapped Bitcoin, cbBTC

Ronin Network Halts Operations After Whitehat Suspected $11.3M Exploit

Bitcoin Traders Anticipate Rally Amid $2.5B USDT and USDC Inflows

[NEOPIN 3.0 Guide] Try swap(APP)

Central Banks of Norway and Switzerland Disclose Massive MicroStrategy (MSTR) Holdings

Join our free newsletter for daily crypto updates!