Shiba Inu Price Prediction As $300M Trading Volume Flows In – How High Can SHIB Go In 2023?
Shiba Inu (SHIB) has become one of the most talked about cryptocurrencies in recent times. With a market cap of over $6 billion and a price increase of over 20,000% in the past year, the crypto has been making headlines for its impressive growth.
As the cryptocurrency market continues to evolve, many are wondering what the future holds for SHIB. In this article, we will explore the Shiba Inu price prediction when a trade volume of $300 million flows in, and analyze how high SHIB can go in 2023.
Why Shiba Inus (SHIB) burn rate has increased by 1000%
The burn rate of the popular cryptocurrency token, Shiba Inu (SHIB), has experienced a significant increase, rising up to 1000% in a matter of hours. Despite SHIB’s price performance remaining stable, the sudden increase in burn rate could be an indication of the asset’s potential comeback in the market.
The burn rate is a crucial metric that provides insight into the overall development and health of a cryptocurrency. When the burn rate increases, it is often seen as a positive sign for an asset’s future growth.
Although the Shiba Inu faced a recent drop, the burn rate has steadily increased in recent days.
Also, the recent increase in burn rate is quite remarkable since just weeks ago less than 20 million tokens were burned. This sudden increase in the burn rate could mean that investors and traders are regaining confidence in the asset and becoming more active in the market.
How does a higher burn rate affect the Shiba Inu?
In the cryptocurrency market, an increasing burn rate is generally considered an indicator of increased demand and greater investor interest. It is worth noting that burn rate is a reflection of a token’s overall activity and can be affected by various factors, with overall network activity and usage being the primary ones for SHIB.
With the recent increase in the Shiba Inu burn rate, the market may become more bullish on the asset and price performance is expected to improve in the coming weeks.
Shiba Inu Price
Shiba Inu is currently trading at a live price of $0.000013, with a 24-hour trading volume of $277 million. During the last 24 hours, it has increased by almost 2%. As of now, it has the #13 ranking on CoinMarketCap, with a live market cap of $7 billion.
On the technical side, the Shiba Inu failed to cross above $0.0000132, a 38.2% Fibonacci retracement level. Below this, Shiba Inu is likely to find immediate support near the $0.0000126 level.
On the downside, a break below the $0.0000126 level could expose the Shiba Inu price towards the $0.00001170 level.
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Shiba Inu Alternatives
If you’re looking for other high-potential crypto projects besides SHIB, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
