The Shiba Inu Saga: A concluding look at 2024’s potential

The year 2024 is expected to bring a set of mixed emotions for the Shiba Inu community. The trend is on the move, which is evident from the fact that the token price is constantly fluctuating and whale activities are surging. There is an expectation for SHIB to hit the resistance level of $0.000012 despite the token demonstrating a tight fixation at less than $0.000009 in the last few days. The crypto economy is volatile, so hope persists within the SHIB community.

At the time of articulating this piece, SHIB is listed at $0.000008887, registering a drop of 2.54% in the last 24 hours. However, It is a jump of 0.77% in the last 7 days and a slip of 13.62% in the last 30 days. The market cap is down by 2.54%, and the 24-hour volume is up by 16.75%.

That should ideally suffice as justification for why Shiba Inu has a complex drive waiting for it in the year 2024. Adding a pinch of salt are whale activities that are on the rise. Speculation is that most of them are engaging in SHIB’s buying-selling activities to leverage the chance of a price drop.

The resistance level for Shiba Inu has been locked at $0.000012 and is expected to be touched by the end of this year.

All in all, there is a rise of 303% in whale activities, indicating a large transaction volume. It is less known if the activities are driven by buying sentiments or selling sentiments. What is known is that the transaction volume has made up $13.36 million worth of SHIB tokens. It roughly translates to 1.48 trillion SHIB tokens for a single day.

The transaction volume on January 27, 2024, saw an exchange of 361.33 billion tokens, a decline from 20.2 trillion, a figure that was reached on January 24, 2024.

The burn rate of Shiba Inu is on the rise as well. It was last noted to be at 1411.75% in 24 hours. That has led to the elimination of 61.41 million Shiba Inu tokens. For those getting started with crypto, burning a token is a reflection of bringing down the circulating supply to uptick the trading value. There is often a surety that the price rises; however, there is no word about how long the rises are sustained in the market.

A total of 410.70 trillion SHIB tokens have been burned, leaving behind 581.30 trillion SHIB tokens in circulation. The burn rate of Shiba Inu has ignited a sense of confidence among investors. It has been measured at 3% with a momentary rise in the value of the token, which is now significantly down. Reports claim that the burning spree continues to have a positive trajectory in the long term. Shiba coin price prediction estimates that the token may hit the $0.0000250 milestone by the end of 2024. That is based on the assumption that activities are favorable. The alternate estimate is $0.0000235.

Shiba Inu’s market performance is not praiseworthy, considering it is still experiencing a free fall. The only rise in the valuation is in comparison to the last 7 days, and that too at a small fraction. Compare the figure to what it was in the last 24 hours and last 30, or even the last 365 days, and a better picture appears on the board.

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Shiba Inu can still touch the said milestone provided all the elements operate favorably: whale activities, burning activity, and volatility.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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