Shiba Inu price eyes higher ground after massive token burn

Shiba Inu ($SHIB) is up 1.10% in the last 24 hours; however, it could be an understatement. The token is poised to inch a lot higher in the days to come. This stems from the recent revelation by Shibburn wherein the tracker stated that over 900 million SHIB tokens were burnt in June 2024. This has contributed to the incineration of a total of 410.727 trillion tokens. Holders are optimistic about future gains. That is evident from the gain of 2.21% in the last 7 days.

Shibburn has indicated that at least 918.07 million tokens were burnt in the previous month over 273 transactions. The monthly burn rate surged as high as 148.69%.

SHIB is exchanging hands at $0.0000172. The target is to chase $0.0000300 as early as possible. Near-term projections estimate the target to be down in the next 5 days. That is a bit aggressive, considering the next 30 days are bearish for SHIB. A jump to $0.00003857 in the next 5 days roughly translates to a surge of 121.17% from the current value amid the volatility of 14.80% and the 14-day RSI of 33.21.

SHIB OI is reportedly up by 2.85% to $35.71 million, while the volume has moved to $72.13 million with an uptick of 61.98%. Based on the SHIB coin price prediction, the token might end 2024 at around $0.0000279. An ongoing surge is happening about the broader recovery within the crypto sphere. The future, however, could be solely driven by how many tokens are burnt. OI and volume will be key metrics to examine the volatility of SHIB.

The market cap is up to $10.13 billion, and the 24-hour trading volume is hovering around $182,625,505, up by 44.89% at press time. In the next 30 days, Shiba Inu may fall to $0.00001660. That will be a decline of 4.82%, backed by the 50-day SMA of $0.00002255 and the 200-day SMA of $0.00001905.

Broader sentiments are bullish, with a 3.39% uptick in the market cap of meme coins. The 24-hour volume, collectively, is up 19.04%.

What’s keeping the enthusiasm of SHIB holders on the edge is the token slipping away from DOGE in terms of market cap. The difference is almost $8 billion – SHIB has been aiming to dethrone DOGE for a long time. By the looks of it, Shiba Inu will have to wait a little longer unless there is a hidden surprise for the community.

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The crypto market is riding the bull, too. The market cap is $2.32 trillion, up by 2.34%. BTC and ETH have shed the weight of losing values for a potential rebound in the days to come.

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