Shiba Inu, also known as SHIB, is a popular cryptocurrency that has received a lot of attention lately. Most recently, its value has increased dramatically, with a market cap of over $6 billion and a growth of 20,000% in the past year. This has made SHIB a hot topic of 2023.
People are curious about what will be the price of the Shiba Inu (SHIB) as the market for digital currencies continues to evolve.
This article will look at what might happen to the price of SHIB in 2023 as a large amount of trading takes place.
Why SHIB’s Burn Rate Increased by 1,000%
The rate at which the well-known cryptocurrency token, Shiba Inu (SHIB), is being burned has suddenly gone up dramatically by 1000%, just in a couple of hours.
The value of SHIB has been steady, but the sudden increase in its spending rate might mean that the asset is getting ready to make a return in the market.
The burn rate is an important measurement that helps understand how well a cryptocurrency is doing and how optimistic its prospect is.
When the burn rate increases, it is generally considered a good thing for the overall growth of the asset.
Although the value of Shiba Inu has gone down recently, its burn rate has increased so does its market usage.
It is also an interesting fact that just a couple of weeks ago almost 20 million SHIB tokens are being burned.
The increase in the rate of burning could indicate that people who invest and trade Shiba Inu (SHIB) are starting to trust the asset again and are getting more involved in the market.
How Can High Burn Rate Reshape SHIB’s Market Impact?
Talking of the cryptocurrency marketplace, a higher burn rate means higher market demand. The higher market demand means increased interest from investors.
Hence to fulfill the increased demand more tokens are being burned or minted to increase their marketplace supply. Recently, the developers of SHIB are mining more and more tokens just to fulfill the market demand.
The burn rate shows how much a token is being used and is affected by different things. The most important things that influence the burn rate for SHIB are the general activity on the network and how much it is being used.
The value of Shiba Inu has gone up recently, which means people are becoming more interested in it. This is likely to lead to an improvement in its value over the next few weeks.
As of now, SHIB is bullish, moving forward it can be further seen that the intense bulls circling the token and giving much-needed momentum to SHIB’s price.
What Will Be The Price of Shiba Inu (SHIB) In the Future?
As of this writing, the cryptocurrency is being traded at $0.000013, and the token’s 24-hour trade volume has been $277 million.
Over the past 24 hours, the price of the SHIB has increased by 2%. Talking of its ranking, it has been ranked at 14 number on CoinMarketCap. The token’s overall market cap is $ 7 billion.
On the other hand, the technical indicator of Shiba Inu shows that the digital token has failed to cross the resistance level at $0.0000132. But Shiba Inu is expected to receive quick backing close to the $0.0000126 level.
But if the coin failed to surpass the current level of resistance, it can also send the token downward at a new level of resistance at around $0.00001170.
As the market is bullish on the coin and the coin has strong buying pressure, the chances are very high that Shib will surpass the current level of resistance.
Hence, it is important that investors keep altcoins in focus. They especially invest in meme coins as these meme coins are priced below $1 and have the huge potential of hiking up.
Apart from Shiba Inu, some other renowned meme coins to invest in are Doge and Tamadoge.
