Shiba Inu (Shib) Coin Price Surge as Massive 600K Token Burn Accelerates: Will It Reach $0.00005?

The Shiba Inu (SHIB) coin, a popular meme-inspired cryptocurrency, has been doing well recently. This is because a lot of SHIB coins are being “burned” or permanently removed from circulation.

In the past 24 hours, the price of SHIB has gone up a lot. Right now, one SHIB coin is worth about $0.00001873. Because of this increase, the total value of all SHIB coins (market capitalization) has gone up by about 5% to $11.02 billion, data from CoinMarketCap reveals. This makes it the 12th biggest cryptocurrency.

Shiba Inu’s Recent Performance

The reason for SHIB’s recent success is because of its “burn rate,” which is how many SHIB coins are being burned or removed from use. In the last day, the report from Shibburn — a SHIB burn tracker — shows that about 600,776 SHIB coins were burned in six different transactions. Even though this is 26% less than the day before, it still excites people about the future value of SHIB. The coins that were burned were worth about $11.97, which shows that each SHIB coin isn’t worth very much because there are so many of them.

What Does the Burn Rate Mean?

Token burn means purposely getting rid of some cryptocurrency tokens so they can’t be used anymore. For SHIB, burning tokens lowers the total number of tokens available, which could make them rarer and more in demand. Investors see token burns as good news because they show an effort to cut down extra supply and make the coin more valuable in the long run.

Price Predictions

Right now, the price of SHIB is testing a critical resistance level at $0.00002. If it breaks above this threshold, we could see further gains, potentially reaching $0.00003 and even $0.00005. However, failing to exceed this mark may lead to a drop in price to around $0.000019.

On June 12, SHIB’s burn rate jumped by over 3600%, removing 71,187,963 SHIB tokens, as Coinfomania reported. But in contrast, on January 15, SHIB had an incredible 6,000% surge in its burn rate, permanently getting rid of over 9 billion SHIB tokens.

Considering Investing? Technical Indicators Signal Continued Uptick

The Shiba Inu’s technical indicators on a 4-hour trading chart are looking good. The Relative Strength Index (RSI) is at 65, which is close to the 70 mark, which means overbought, meaning that a lot of people are buying Shiba Inu coins, and the price could change soon.

Shiba Inu Price Chart, Source: TradingView

The Moving Average Convergence Divergence (MACD) is also positive because the blue MACD line is crossing above the orange signal line, which could mean the price might go up soon.

SHIB has shown the potential for life-changing gains. For instance, according to CoinMarketCap data, investors had the opportunity to pick up SHIB for $0.000000000073 per token at midnight on Jan. 1, 2021. Over the next 12 months, SHIB ate up six zeroes and was going for closer to $0.000036 as of Dec. 29. This represents a single-year gain of nearly 49,000,000%.

Investing in SHIB can be a smart way to mix up your investments. Even though it had a tough time during the crypto winter of 2022-2023, SHIB still has many fans and has made some people a lot of money despite the ups and downs. Some experts think SHIB has already hit its highest point, while others believe it can still grow.