Shiba Inu's price facing potential danger due to declining burn rate?
In the dynamic world of cryptocurrencies, the price of Shiba Inu (SHIB) has been a subject of interest for many investors. Let's delve into the current factors affecting Shiba Inu's price and recent developments.
Trading volume, a crucial indicator of market interest and liquidity, has not shown a substantial surge for Shiba Inu as of late. Despite this, the burn rate, which involves removing tokens from circulation to potentially increase demand, is currently equivalent to just $143.
In terms of adoption, there have been no major milestones reported recently. However, it's worth noting that whale activity, the large-scale buying and selling by major investors, has not shown any significant signs either.
Moving onto technical analysis, predictions suggest that Shiba Inu could reach $0.000013 by July 13, 2025, representing an 8.67% increase from its current price. However, the market sentiment remains bearish, with key support levels at $0.000011 and resistance levels at $0.000012. Google Gemini predicts a 10% gain to about $0.00003 by July 31, 2025, amidst expectations of an altcoin resurgence.
Looking at the short-term outlook, the price is expected to rise by 8.67% in the next five days, reaching $0.000013. However, the bearish sentiment persists. Long-term predictions vary widely, with some models suggesting significant growth by 2035, potentially reaching prices like $0.000030 to $0.000875, depending on market conditions and regulatory changes.
On June 8, Shiba Inu's daily trading volume was $140 million, lower than that of Pepe, Official Trump, Bonk, and Fartcoin. The SHIB price currently stands at $0.00001200 on June 9.
Intriguingly, an inverse cup-and-handle pattern has formed on the daily timeframe, which often precedes additional downside. Shiba Inu's futures open interest has declined sharply, currently standing at $156 million, down from a year-to-date peak of nearly $600 million.
The Shiba Inu layer-2 network, Shibarium, hosts only 18 dApps, and the total value locked in Shibarium is $2.3 million. The token is currently in the process of forming the handle portion of the inverse cup-and-handle setup, and further weakness will be confirmed if SHIB breaks below the lower edge of the cup at $0.00001025.
It's important to note that the year-to-date low for Shiba Inu is $0.000010. A move beneath that level could signal further losses, potentially pushing the price below $0.000010. Whale holdings have dropped to 33.8 billion tokens, a decrease from previous levels.
In more positive news, Zebec Network, a competitor in the cryptocurrency market, experienced a 20% price jump following an invitation to speak on regulation at the UK House of Lords. While this event is not directly related to Shiba Inu, it could potentially impact investor sentiment towards the token.
In conclusion, Shiba Inu's price is influenced by a mix of technical indicators, market sentiment, and broader market trends. While there are predictions of short-term price increases, the long-term outlook is more speculative and depends heavily on factors like adoption and regulatory clarity.
- The trading volume of Shiba Inu has not shown a significant surge recently, while the burn rate currently stands at $143.
- In terms of adoption, there have been no major milestones reported for Shiba Inu, and whale activity has not shown any significant signs either.
- Predictions suggest that Shiba Inu could reach $0.000013 by July 13, 2025, representing an 8.67% increase, but the market sentiment remains bearish.
- Shiba Inu's futures open interest has declined sharply, currently standing at $156 million, down from a year-to-date peak of nearly $600 million.
- The year-to-date low for Shiba Inu is $0.000010, and a move beneath that level could signal further losses, potentially pushing the price below $0.000010. On the other hand, a competitor in the cryptocurrency market, Zebec Network, experienced a 20% price jump following an invitation to speak on regulation at the UK House of Lords, which could potentially impact investor sentiment towards Shiba Inu.
