The Shiba Inu price has dropped by 5.5% in the past 24 hours, slipping to $0.00000953 as the crypto market as a whole suffers a 1.5% dip.
Even with today’s losses, SHIB remains up by 16% in a week, with the famous meme token benefiting from market-wide optimism and bullishness this week.
And it’s also likely to benefit from an increasing burn rate, with the growth of layer-two network Shibarium helping to burn 10 million SHIB in 24 hours.
This comes in addition to deliberate burns by the Shiba Inu developer team, who burned 8 billion SHIB earlier in the week.
Shiba Inu Price Prediction as 8 Billion SHIB Burns in 24 Hours – Time to Buy?
Today’s slide hasn’t done much to dampen SHIB’s overall bullishness, with the coin’s indicators still in positions where they suggest incoming rises.
Most notable is the meme coin’s 30-day average (yellow), which after crossing its 200-day (blue) in late November continues to rise higher, consistent with an ongoing uptrend.
Source: TradingView
SHIB’s relative strength index (purple) is also encouraging, in that it remains at just above 65, indicating a maintained level of buying pressure that could help the token recover again soon enough.
It’s also worth highlighting SHIB’s support level (green), which has continued to rise over the past few weeks, implying that any dips in the coming days will be minor.
Lastly, the coin’s trading volume remains distinctly elevated in comparison with the levels witnessed in previous months, at around $400 million today.
This indicates ongoing interest from traders and, in particular, whales, who can help push the Shiba Inu price higher in the next few weeks.
Other factors weighing in SHIB’s favor include its burn rate, which has risen significantly since Shibarium launched in August.
According to Shibburn, Shiba Inu’s burn rate has increased by 800% in the past 24 hours, with around 10 million SHIB destroyed in the past day.
This is largely because of rising Shibarium transactions, with the layer-two network now counting around 7.51 million transactions per day.
8.2 Billion #Shib was burned by the Shiba team.#Woof https://t.co/YPt06f3HJu pic.twitter.com/KyPKJuuuDs
— Vet KUSAMA (@vetkusama) December 4, 2023
On top of this, developers processed a standalone burn of 8 billion SHIB earlier this week, a move which will help to reduce the coin’s supply even further.
So in combination with an expected bull market in 2024, the Shiba Inu price could rise substantially, potentially reaching $0.000020 by the end of January.
New High-Potential Meme Tokens
SHIB isn’t the only promising meme coin in the market right now, with several newer tokens also showing plenty of potential.
This includes Meme Kombat (MK), an ERC-20 cryptocurrency that has raised more than $2.6 million in its popular presale.
We almost there fighters… pic.twitter.com/uQJH9ycm1q
— Meme Kombat (@Meme_Kombat) December 6, 2023
Such a figure attests to the interest Meme Kombat has been attracting, with the cryptocurrency distinguishing itself from other meme coins by virtue of the fact that it’s also a platform that will enable users to bet on AI-generated meme battles.
It will use advanced AI algorithms to randomly generate such battles, with its graphics engine rendering these battles in real-time for users to watch.
Users will be able to place bets against each other or the platform itself, which will pay out winnings in the form of its native token MK.
Holders of MK will also be able to use the token for staking, making it potentially even more profitable.
4 hours left at $0.225 for $MK
Act fast fighters! pic.twitter.com/XQgVjBe9ZB
— Meme Kombat (@Meme_Kombat) December 7, 2023
Its potential profitability helps to account for why its presale has already done so well, with new investors able to join in at Meme Kombat official website.
They can currently buy MK at a cost of $0.0225 per token, although this will rise to $0.0234 in only a few hours.
As such, interested investors are advised to act quickly, with the token potentially rising even higher once it lists on exchanges in the next few weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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