Shiba Inu (SHIB) Price Stalls Despite Recent Burn Rate Surge
Shiba Inu (SHIB) is facing mixed signals, with a recent price increase followed by a potential pullback due to profit-taking. However, a significant burn rate surge and long-term price predictions offer a glimmer of hope for SHIB holders.
Profit Taking Threatens Upward Momentum
While SHIB enjoyed a 12.77% increase in the last week, analysts at AMBCrypto warn of a potential decline based on order book data. An abundance of asks (sell orders) compared to bids (buy orders) suggests investors are ready to lock in profits, potentially driving the price down from its current level of $0.000016.
Coin Age and Network Activity Hint at Sell-Off
Further indicators of a possible sell-off include the rising Mean Coin Age (MCA) on the SHIB network. This metric suggests older tokens are being moved, often a precursor to selling. Additionally, a decline in Network Growth, measured by new addresses on the blockchain, implies reduced user adoption, potentially impacting price.
Burn Rate Spike Offers Optimism
Despite the short-term bearish signals, a massive 3641% surge in the SHIB burn rate over the last 24 hours offers a positive twist. This process removes tokens from circulation, aiming to increase scarcity and boost value. The burn rate surge coincides with a 5.22% rise in daily active addresses, indicating continued network activity.
Shiba Inu Price Predictions Diverge
Analyst opinions on SHIB’s future price vary. A recent Forbes report predicts a significant rise, with some analysts like Utkarsh Tiwari suggesting a potential 100% increase to $0.00003 by the end of 2024. Forbes itself offers a more conservative target of $0.0001 to $0.0003 for the same period.
Shiba Inu Struggles Despite Bullish Hopes
Despite these predictions, SHIB’s current price action remains subdued. The recent market sell-off pushed the price back to the $0.000016 support level, highlighting ongoing bearish pressure. Trading volume has also declined by 22% in the last 24 hours.
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