- SHIB price declined by 10.84% in the last 7 days.
- Shiba Inu token burning rate over the week was up by 138.57%.
- SHIB is estimated to surge in the next 30 days.
Token burning increased over a week, but SHIB price didn’t precisely reflect its impact. The Shiba Inu community is anticipating that the next 30 days will reverse the SHIB price pattern. More factors, like increasing optimism and a rate cut, are likely to contribute to SHIB price surge. This comes around the time when the Shiba Inu community received an update on the Shibarium Bridge Exploit.
SHIB Price After Shiba Inu Token Burn
Shiba Inu tokens were burnt 138.57% more over the week to take its total circulating supply to 589.24 trillion. This, however, marked a lower token burning rate over the last 24 hours by 89.01%.
SHIB price was initially estimated to respond to the weekly rate by marking an uptick. But, it declined by 1.46% in the last 24 hours and 10.84% in the last 7 days. The 24-hour trading volume reflected a similar sentiment with a decline of 17.67%.
The last time SHIB achieved an ATH was on October 28, 2021, when it peaked at $0.00008845. The token burning process is often linked to triggering a price surge because it brings down the number of tokens in circulation. This principle has not precisely kicked in for SHIB price which has interestingly marked a rise of 3.11% in a month.
What’s Next for SHIB Price?
SHIB price may have declined to react to the token burning theory but the 2nd-ranked meme coin is still poised to surge. Short-term SHIB price prediction indicates a possibility of a 16.56% rise in the next 30 days. This would take its valuation to around $0.00001511. The ongoing volatility around SHIB is 4.04% backed by a neural FGI rating of 48 points.
The 14-Day RSI is 47.26 points. The 50-Day SMA and 200-Day SMA for Shiba Inu token are $0.00001284 and $0.00001320, respectively. SHIB is possibly aiming to sustain the closest resistance of $0.00001333. A fall beneath the support margin of $0.00001191 could possibly lead to a new low. Alternatively, there is a 20x prediction in sight for Shiba Inu.
Shibarium Bridge Exploit Update
The development around SHIB price and Shiba Inu token burning comes at a time when Shib shared a community update regarding Shibarium Bridge Exploit. The exploit was reportedly executed through a flash loan swap. Tokens taken from the bridge included ETH, BNB, and LEASH, to mention a few, for a collective value of above $4 million.
Bridge operations were last reported to be suspended. The Shiba Inu team earlier offered a $229,000 bounty for recovery of funds worth more than $4 million.
For now, all eyes are on how SHIB price reacts to the Shiba Inu token burning process. Additional factors that could boost SHIB price are Fed rate cut and increasing liquidity in the ecosystem.
The contents of this article are neither recommendations nor advice for crypto trading and investment. Do thorough research and risk assessment before engaging with the crypto market.
Highlighted Crypto News Today:
BTC in the Crosshairs: Could Bitcoin Bears Drag the Price Below $115K?
Source: https://thenewscrypto.com/shib-price-tumbles-despite-high-weekly-token-burn/
