[ad_1]
The price of , the second-largest meme coin by total market cap, fell sharply on Friday amid risk-off sentiment.
Reducing the supply of Inu coins
The Shiba Inu cryptocurrency ecosystem has seen a notable increase in the speed at which SHIB tokens are burned, with a 1,344% increase in April. This surge in token burning came at a critical time for the SHIB community and coincided with signs that the token's price could be on the verge of major swings.
The big plan is to reduce the massive supply of 999,982,362,289,250 SHIB tokens to make them rarer and potentially more valuable over time. Another element that increased the value of SHIB is the introduction of Shibarium, the Layer 2 blockchain solution.
Launched last summer, Shibarium's mission is to support the development of decentralized applications (dApps) that support everything from DeFi projects and non-fungible tokens (NFTs) to gaming apps within the Shiba Inu. Cover ecosystem.
According to a Shibburn tweet on The dramatic increase in the burn rate has fueled discussions among investors and token fans about the impact on its future value.
Shiba Inu price prediction
Despite a recent period of stagnation in SHIB price, the broader cryptocurrency market showed renewed bullish momentum before risk aversion became the dominant market theme on Friday.
SHIB itself experienced a brief rally starting April 6, posting gains for three days before profit-taking occurred. At last updated, SHIB fell as much as 12.5% on Friday.
The short-term outlook for Shiba Inu points to resistance levels between $0.000031 and $0.000036, a price band where nearly 20.96 trillion SHIB were purchased by 137,600 holders at an average price of $0.000033.
On the other hand, SHIB price may decline if it finds support between $0.000018 and $0.00020. This is where the 100-DMA comes into play. A clearer support zone lies between $0.000015 and $0.000016.
On the positive side, the previous support for Shiba Inu coin in the $0.000024 area will now act as resistance if the bulls regain momentum in the near term.
In the medium term and for the remainder of 2024, the recent high near $0.00045 represents major resistance, while strong support lies near $0.000012.
[ad_2]
Source link
