Shiba Inu (SHIB) has become one of the most talked-about cryptocurrencies in recent times. With a market cap of over $6 billion and a price increase of over 20,000% in the past year, the cryptocurrency has been making headlines for its impressive growth.
As the cryptocurrency market continues to evolve, many are wondering what the future holds for SHIB. In this article, we will explore the Shiba Inu price prediction as a $300 million trading volume floods in, and analyze how high SHIB can go in 2023.
Why Shiba Inu’s (SHIB) Burn Rate Has Spiked by 1,000%
The burn rate of the popular cryptocurrency token, Shiba Inu (SHIB), has experienced a significant increase, spiking up to 1,000% within a matter of hours. Despite the price performance of SHIB remaining stable, the sudden surge in its burn rate could be an indication of the asset’s potential comeback in the market.
The burn rate is a crucial metric that provides insights into the overall development and health of a cryptocurrency. When the burn rate rises, it is often seen as a positive sign for an asset’s future growth.
Although Shiba Inu faced a recent downfall, its burn rate has been steadily increasing in the past few days.
What’s more, the recent surge in the burn rate is quite noteworthy since just weeks ago, less than 20 million tokens were burned. This sudden spike in the burn rate could mean that investors and traders are regaining their confidence in the asset and becoming more active in the market.
How Does a Higher Burn Rate Impacts Shiba Inu?
In the cryptocurrency market, a rising burn rate is generally considered an indicator of increased demand and greater investor interest. It’s worth noting that the burn rate is a reflection of a token’s overall activity and can be influenced by various factors, with overall network activity and usage being the primary ones for SHIB.
With the recent increase in the Shiba Inu burn rate, the market may be becoming more bullish on the asset, and its price performance is expected to improve in the coming weeks.
Shiba Inu Price
Shiba Inu is currently trading at a live price of $0.000013, with a 24-hour trading volume of $277 million. Over the last 24 hours, it has increased by almost 2%. As of now, it holds the #13 ranking on CoinMarketCap, with a live market cap of $7 billion.
On the technical side, Shiba Inu failed to cross above $0.0000132, a 38.2% Fibonacci retracement level. Under this, Shiba Inu is likely to gain immediate support near the $0.0000126 level.
On the lower side, a breakout under the $0.0000126 level can expose the Shiba Inu price toward the $0.00001170 level.
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