Shiba Inu (SHIB) is among the worst-performing tokens in the meme coin space this year, with year-to-date losses of 40%. However, after millions of tokens were burned in just a few hours, there could be a reason to support a bullish Shiba Inu price prediction.
The Shiba Inu blockchain is designed to automatically send a portion of Shiba Inu’s transaction fees in SHIB to a burn wallet to reduce the token’s circulating supply.
ShibBurn is a site that tracks how many SHIB tokens are burned in real time. Two days ago, a total of 602 million SHIB were burned in just a few transactions. Surprisingly, 600 million were out in just one single transfer.
Although this amount corresponds to just $7,633 worth of SHIB, it represented a major climb compared to previous days and could be indicative that network activity is increasing.
Shiba Inu (SHIB) is one of the meme coins with the strongest ecosystem in the space and a large fan base. Despite the token’s latest underwhelming performance, SHIB is still the second most valuable meme coin with a market cap of $7.5 billion.
Hence, this token still has the potential to deliver sizable gains in the long term. Maybe not a move to $1, but a retest of its all-time high during this cycle if altcoin season kicks off.
Shiba Inu Price Prediction: SHIB Breaks Below Key Support—Can It Recover?
The daily chart shows that SHIB has broken a key trend line support in the past couple of days. The token has dropped by 5% in the past 24 hours, but trading volumes have retreated by 13%, meaning that the selling pressure is still not that strong.
This bearish breakout could be an early sign that the market is ready for a much more pronounced correction that could push SHIB to $0.00001050 within the next few days.
Meanwhile, if the $0.00001200 level acts as a strong support for this latest downtrend, this would support a bullish Shiba Inu price prediction as it could provide the necessary strength to push SHIB back to the $0.00001600 level and possibly higher.
SHIB’s upside potential at this point could be limited. However, the best crypto presales like Token6900 (T) could deliver some interesting returns to early buyers as investors are currently scouting for the next crypto to 10X during this bullish cycle.
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The post Shiba Inu Price Prediction: 602 Million SHIB Tokens Burned in One Go – Could This Be the First Step Toward $1 SHIB? appeared first on Cryptonews.
