Shiba Inu (SHIB) Price Has Dropped 4.1% in the Past 24 Hours, Extending Weekly Loss to 10.9%

Despite Shiba Inu (SHIB) price struggles, recent data from Shibburn highlighted a notable spike in SHIB’s burn rate.

Shiba Inu (SHIB) price has experienced significant declines over the past month, reflecting sustained bearish sentiment in the market. As a result, the token is struggling to hold key support levels.

Shiba Inu price dropped 4.1% in the past 24 hours, extending its weekly loss to 10.9% and monthly decline to 23.9%. Over the past year, SHIB price has fallen by 62.8%, indicating continued downward pressure. The community is still working to cut supply through ecosystem advancements and token burns.

The token’s price is currently at $0.00001188. It struggled to hold the Fib level at $0.00001. If the bears manage to push the price lower, the next support level is at $0.000009.

Burn Rate Surges Despite SHIB Price Struggle

Despite Shiba Inu price struggles, recent data from Shibburn highlighted a notable spike in SHIB’s burn rate. Over the past 24 hours, 502.24 million SHIB tokens were burned, reflecting a 27,660% increase.

Meanwhile, the total number of tokens burned in the past seven days has reached 57.63 million. This represented a 47.46% decline compared to the previous week.

However, despite these fluctuations, community-driven burn efforts have continued at a steady pace. As of March 13, the total SHIB supply stood at 589.25 trillion tokens, with 584.34 trillion remaining circulating and 4.90 trillion staked in xSHIB.

Since its inception, 410.75 trillion SHIBs have been permanently removed from circulation. However, despite these efforts to reduce supply, price action has primarily stayed bearish.

The market capitalization of Shiba Inu has also reflected the declining price trend. It now stands at $7.24 Billion at press time after a slight drop.

Analysts Provide Mixed SHIB Price Predictions

Technical analysts remain divided on the potential price trajectory of Shiba Inu. One analysis from CryptoElites suggested a bullish outlook, highlighting a cup-and-handle pattern on the SHIB/USDT chart.

This pattern, often associated with bullish reversals, suggests a possible price surge if SHIB maintains support above an ascending trendline. The next key resistance level is at the descending trendline, followed by the 0.618 Fibonacci level at $0.000031177.

If SHIB price breaks over these levels, it might continue to rise to $0.000087578 or $0.000182720.

Another analyst has a more bearish projection about SHIB, which foresees a 20% decline in its price. The SHIB/USDT 12-hour TradingView chart showed the token remains in a descending channel, forming consistent lower highs and lower lows.

If there is no clear breakout signal, the price could keep dropping, and a key support level can be drawn at $0.0000090. Once Shiba Inu fails to hold this level, it will lead to more losses.

SHIB Community is Still Going for $0.01 Target

The price is struggling, but there are market watchers and members of the community who insist that the path to $0.01 is inevitable.

Luis Delgado, a market analyst, pointed out that the crypto market has seen similar surprising events in the past, and there is still a possibility that Shiba Inu could reach the ambitious price level.

The likelihood for #1CentDreamSHIB to be a reality within the SHIB community continues to ignite as the hashtag gains traction among the SHIB community, who see this as long–term potential for a price rise.

Ultimately, Lucie, Shiba Inu’s marketing lead has also stated her confidence in the future growth of the token, which she has been holding since 2021.

She is convinced that SHIB price will eventually take away 3 more zeros from its price. This view is supported by some analysts, who say long term growth is possible.

This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their own research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.