Prediction of Shiba Inu’s Price as $300 Million in Trading Volume Floods In. – How High Will SHIB Go in 2023
Shiba Inu’s (SHIB), has been one of the most talked about cryptocurrencies in recent years. The crypto’s impressive growth has made headlines with a market cap exceeding $6 billion and an increase in price of more than 20,000% over the last year.
Many are curious about the future of SHIB as the cryptocurrency market evolves. This article will examine the Shiba Inu’s price prediction when $300 million of trading volume floods in and how high SHIB could go in 2023.
Why Shiba Inu’s Burn Rate (SHIB), Has Spiked by 1,000%
The popular cryptocurrency token Shiba Inu has seen a dramatic increase in its burn rate, jumping up to 1,000% in a matter of hours. Although SHIB’s price performance has remained stable, the sudden increase in its burn rate may be an indicator of the asset’s potential return to the market.
The burn rate is an important metric that gives insight into the overall development of a cryptocurrency. A rising burn rate is often a sign of an asset’s future growth.
Despite Shiba Inu’s recent fall, its burn rate has been steadily rising in the last few days.
The recent increase in the burn rate is also noteworthy, as less than 20,000,000 tokens were consumed just weeks ago. Investors and traders could be regaining confidence in the asset, and become more active on the market.
What Does a Higher Burn rate Mean for Shiba Inu
A rising burn rate in the cryptocurrency market is usually a sign of greater investor interest and increased demand. It is important to note that the burn rate can reflect the token’s overall activity. This can be affected by many factors with usage and overall network activity being the main ones.
The market is likely to be more bullish about the asset due to the recent rise in Shiba Inu’s burn rate. It is also expected that the asset’s price performance will improve over the next few weeks.
Shiba Inu Price
Shiba Inu trades at a live price $0.000013 and has a daily trading volume of $277 millions. It has increased almost 2% in the past 24 hours. It currently holds the #13 rank on CoinMarketCap with a live market capital of $7 billion.
Technically, Shiba Inu failed above $0.0000132. This is a 38.2% Fibonacci Retracement Level. This means that Shiba Inu will likely gain support immediately near the $0.0000126 level.
A breakout below the $0.0000126 level could expose the Shiba Inu’s price towards the $0.00001170 mark.
Shiba Inu now
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