The price of Shiba Inu Coin has experienced a remarkable surge, demonstrating a substantial increase in market value within the last day. Will it reach new price levels in the coming days? Let's take a look at this in more detail.
How has the Shiba Inu Price Moved Recently?
Today, the price of Shiba Inu stands at $0.00002353, with a 24-hour trading volume of $343.35 million. Its market capitalization is $13.86 billion, representing a market dominance of 0.59%. Over the past 24 hours, the price of SHIB has increased by 3.28%.
Shiba Inu reached its peak price on October 28, 2021, hitting an all-time high of $0.00008819. Its lowest price was recorded on November 28, 2020, at an all-time low of $0.00001063. Since reaching its all-time high, the lowest price observed was $0.00005821 (cycle low), while the highest SHIB price since the recent low was $0.00004501 (cycle high). Currently, the sentiment for Shiba Inu's price prediction is neutral, with the Fear & Greed Index at 66 (Greed).
The circulating supply of SHIB is 589.29 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The yearly supply inflation rate is -0.04%, indicating a decrease of 252.32 billion SHIB over the last year.
Why is the price of Shiba Inu up?
In recent developments, the meme cryptocurrency SHIB has garnered attention due to a notable surge in its burn rate, skyrocketing by over 5500%. As reported by Shib burn, approximately 26 million SHIB tokens were removed from circulation yesterday. This move has infused optimism into the market for this dog-themed cryptocurrency and could potentially impact its price positively.
The significant increase in Shiba Inu's burn rate, resulting in approximately 26 million SHIB tokens being removed from circulation, could potentially have a positive impact on the cryptocurrency's price. Burning tokens reduces the overall supply of SHIB in circulation, creating scarcity. With fewer tokens available for trading, there is potential for increased demand, which may drive the price of Shiba Inu higher. Additionally, the attention and optimism generated by this development could attract more investors and traders to the Shiba Inu ecosystem, further supporting a potential price increase.
Will Shiba Inu Price Reach New Levels?
Analyzing the recent performance of Shiba Inu (SHIB), it's evident that the cryptocurrency has shown significant growth over the past year. With a remarkable 163% increase in price within the last 12 months, Shiba Inu has outperformed a substantial portion of the top 100 crypto assets, surpassing 64% of them in terms of returns. Notably, SHIB has even outpaced leading cryptocurrencies like Bitcoin and Ethereum in terms of price appreciation over this period.
Furthermore, a bullish sign for Shiba Inu is its current position above the 200-day simple moving average (SMA), indicating a positive trend in its price movement. This technical indicator suggests that SHIB's price trajectory has been on an upward trend, which could potentially attract more investors seeking upward momentum.
Another factor contributing to Shiba Inu's potential for price appreciation is its negative yearly inflation rate of -0.04%. A decreasing supply due to token burns or deflationary mechanisms can create scarcity, potentially driving up demand and consequently pushing the price higher.
Considering these factors collectively, Shiba Inu appears to be in a favorable position for further price growth.
