BIG Shiba Inu Price Prediction for June 2024: Explode or Implode?

Shiba Inu price is displaying poor momentum from the past seven days. Yet, many people still believe that the next few weeks could be bullish for SHIB holders. Let's take a look at this Shiba Inu Price Prediction June 2024 article in more detail.

How has the Shiba Inu Price Moved Recently?

Today, Shiba Inu is priced at $0.00002214 with a 24-hour trading volume of $721.94 million, a market cap of $13.05 billion, and a market dominance of 0.53%. In the past 24 hours, SHIB's price has dipped by 0.43%.

Shiba Inu hit its peak price on October 28, 2021, at $0.00008819. Its lowest price was on November 28, 2020, at $0.0000000005637. Since then, the lowest price recorded after its peak was $0.00005821, while the highest was $0.00004501. Currently, the sentiment around Shiba Inu's price prediction is bearish, with the Fear & Greed Index at 72, indicating greed.

There are currently 589.27 trillion SHIB in circulation, out of a maximum supply of 589.74 trillion SHIB. The annual supply inflation rate is -0.01%, which means 77.20 billion SHIB were created in the past year.

Why is Shiba falling?

The value of Shiba Inu (SHIB), a popular meme-based cryptocurrency, has seen a considerable decrease. This downward trend is primarily caused by a wider market downturn led by Bitcoin (BTC) and the decisions made by investors in response to market conditions.

Shiba Inu Price Prediction June 2024: Will Shiba Inu Price Rise?

According to Shibburn, a platform that tracks SHIB token burns, the burn rate soared by nearly 3010% on Wednesday, June 12. During this time, the Shiba Inu community destroyed over 232 million SHIB tokens, despite the token's declining price. This surge in burning activity could potentially increase the token’s value by reducing its circulating supply.

In the past day, Shibburn data revealed an extraordinary 3010.53% increase in the SHIB token burn rate. Throughout this period, the community collectively incinerated 232.64 million SHIB tokens across various transactions. Notably, one wallet, identified as 0xd9a..., burned 225.63 million SHIB tokens in a single transaction by transferring them to a dead wallet.

Two other wallets also made notable contributions. One wallet, 0xa9d..., burned 3.18 million SHIB coins through two transactions, while another, 0xc58..., sent 1.69 million SHIB to a dead wallet.

Additional smaller burns were conducted by other Shiba Inu community members, further boosting the burn rate. Consequently, the total number of SHIB tokens burned has reached an impressive 410.72 trillion.

How high will Shiba Inu reach?

Shiba Inu (SHIB) has demonstrated impressive growth over the past year, with its price increasing by 228%. This significant rise has outpaced 71% of the top 100 cryptocurrencies, including major players like Bitcoin and Ethereum. SHIB’s ability to trade above the 200-day simple moving average indicates a robust upward trend and solid market support, further highlighting its strong market performance. Additionally, SHIB's high liquidity relative to its market cap ensures that it can handle large transactions with minimal impact on price, positioning it well for potential upward movement.

The recent surge in SHIB token burns, particularly the 3010% increase on June 12, where over 232 million tokens were burned, reflects the community's commitment to reducing the circulating supply. This significant burn rate has the potential to drive up SHIB's value, as a lower supply with steady or increasing demand typically results in higher prices. Despite the token being down 75% from its all-time high, these burn efforts, along with SHIB’s historical performance and strong market fundamentals, suggest considerable room for price recovery.

Looking ahead, several factors could influence SHIB's future price trajectory. If the community maintains or accelerates the current burn rate, the reduced supply could continue to push prices higher. Additionally, a broader recovery in the cryptocurrency market, especially if led by Bitcoin and Ethereum, could positively impact SHIB. Increased adoption and the expansion of SHIB's use cases could also drive demand. While SHIB has only seen 12 green days in the past 30, indicating short-term volatility, its overall market position and potential for growth provide a promising outlook for the future.

How to Buy Shiba Inu (SHIB)?

Purchasing SHIB is simple and can be done on various cryptocurrency exchanges. Here's a step-by-step guide to get you started:

1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports SHIB, such as Bitget.
2. Create an Account: Register for an account on the chosen exchange. You will need to verify your identity by providing personal information and necessary documents.
3. Deposit Funds: Add funds to your account. Most exchanges accept deposits in fiat currencies (like USD or EUR) or other cryptocurrencies.
4. Buy SHIB: Go to the trading section of the exchange, find the SHIB trading pair (e.g., SHIB/USD), and place your buy order. You can either buy at the current market price or set a limit order at your desired price.
5. Secure Your SHIB: After purchasing, transfer your SHIB to a secure wallet.