More than 7 million SHIB tokens have been burned in the last 24 hours, according to Shib Burn – a move that could support a bullish Shiba Inu price prediction as the token battles its latest downtrend.
SHIB’s deflationary model relies on regular burns, where tokens are permanently removed from circulation using transaction fees collected from trades.
While 7 million tokens may seem small compared to the massive 589.55 trillion total supply, every burn event helps ease selling pressure and reinforces long-term scarcity.
In the past 7 days, SHIB has booked a 10.7% loss as cryptocurrencies as a whole have retreated following the Federal Reserve’s decision to cut rates by 25 basis points last week.
Other assets in the meme coin category, like Dogecoin ($DOGE) and Pepe ($PEPE), have booked higher losses of 17% each. This indicates an ongoing correction that will probably bring late buyers to this bull market.
Trading volumes have jumped by 41% in the past 24 hours. If transaction volumes keep rising, this could lead to a higher burn rate that could further reduce the number of tokens in circulation.
Shiba Inu Price Prediction: SHIB Breaks Below Key Support – When Will It Recover?
This week’s selling spree has pushed SHIB to break its trend line support. As a result, the token could now be heading to retest the $0.000010 level before it begins to recover.
The Relative Strength Index (RSI) moved below the 14-day moving average in the daily chart. This is usually interpreted as a sell signal.
Once SHIB hits that psychological threshold, we could expect an explosive move as market conditions still favor a bullish outlook for cryptos as a whole.
As altcoin season kicks off, meme coins like Shiba Inu (SHIB) should outperform well-established tokens like BTC and ETH.
However, hidden gems like Maxi Doge ($MAXI) could deliver higher returns as this early crypto presale is still flying below the market’s radar.
Maxi Doge ($MAXI) Brings High-Leverage Trading to the Meme World
Maxi Doge ($MAXI) is an Ethereum-based meme coin that embraces the typical hype that comes with bull markets.
Instead of offering traditional utility, $MAXI doubles down on culture. Holders get an entry ticket to Community Alpha, an idea hub where retail traders can share insights and compare strategies.
The token also fuels weekly competitions and themed challenges (like Max Gains and Max Ripped), where top ROI hunters can earn rewards and climb the leaderboard.
In addition, the Maxi Fund allocates up to 25% of the presale’s proceeds to the most promising tokens of this cycle with 1000X leverage to max out results. As its powerful community-centered ideas gain popularity, the demand for this meme coin should skyrocket.
To buy $MAXI, simply head to the Maxi Doge website and link an Ethereum-compatible wallet like Best Wallet.
You can either swap USDT or ETH for this token or use a bank card to invest.
Visit the Official Website Here
The post Shiba Inu Price Prediction: Over 7 Million SHIB Burned in 24 Hours – Is a Supply Shock Incoming? appeared first on Cryptonews.
Disclaimer: This news has been automatically collected from the source link above. Our website does not create, edit, or publish the content. All information, statements, and opinions expressed belong solely to the original publisher. We are not responsible or liable for the accuracy, reliability, or completeness of any news, nor for any statements, views, or claims made in the content. All rights remain with the respective source.