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Shiba Inu (SHIB) is at risk of further price declines based on several on-chain metrics, signaling a bearish sentiment in the ecosystem. This could no doubt present a setback for the meme coin, which is showing signs of recovery following a significant price correction.
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The Shiba Inu burn rate has turned negative after a rather good week of momentum. This downturn in the burn rate is a deviation from the established trend this week and could have something to do with the decline in the SHIB price during this time.
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Popular meme coin Shiba Inu (SHIB) is exhibiting significant adoption as the crypto asset is witnessing a surge in social activity, demonstrating its stance as one of the leading coins in the cryptocurrency industry.
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Shiba Inu continues to defy expectations years after it first launch with its continuously growing community. The interest in the dog-themed coin has caused its trading volume to rise across exchanges, and in some cases, becoming the top traded coin.
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Shiba Inu is seeing some downside today that has sent its price below its support level. This downside has its roots in a number of things, with some attributing directly to the Bitcoin price. However, the outlook for the meme coin may not be completely bleak as time moves forward.
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Data has shown an increase in activity for Shiba Inu whales, teasing what could be a catalyst for an uptrend. Notably, the past few days have seen a surge in whale transactions, with data revealing a 340% increase in the volume of these large transactions.
With SHIB now trading below $0.
Crypto analyst Altcoin Sherpa recently mentioned that Shiba Inu (SHIB) could still flip Dogecoin (DOGE) as the largest meme coin by market cap. His statement comes at a time when SHIB’s fundamentals are showing strength, with the token’s burn rate increasing significantly in the last 24 hours.
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The price of Shiba Inu has been predicted to experience a major increase amidst the 2024 bull market that has propelled various meme coins to new all-time highs. This forecast puts the spotlight on the doggy-themed cryptocurrency, highlighting a potential for more increases in its price value.
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Shiba Inu (SHIB) has dipped below $0.00003 again after testing the price level for more than 48 hours. Despite this, the cryptocurrency has largely exhibited signs of resilience from the bulls after its strong price surge in early March, prompting analysts to persist on a bullish outlook.
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Recent reports have indicated an alarming increase in scam attacks targeting Shiba Inu community members, aiming to exploit the community’s enthusiasm for fraudulent purposes.
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Dogecoin and Shiba Inu are trending higher than they were a year ago, but they are still a long way from their 2021 all-time high prices.
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The Shiba Inu (SHIB) burn rate is again on the rise, with the burn tracking website Shibburn highlighting the massive surge in the last 24 hours. This is undoubtedly a welcome development as it could positively impact SHIB’s price, which has made a decent recovery lately.
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Shiba Inu (SHIB) lead developer, Shytoshi Kusama, recently told Ethereum’s co-founder Vitalik Buterin that he should expect more improvement from the SHIB ecosystem soon. This comes in response to Vitalik’s comment in which he praised the meme coin.
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