Current trends in the Shiba Inu market show that the cryptocurrency is situated at a significant price level that could determine its further dynamics.
Current Market Situation
At the moment, Shiba Inu's price hovers around the key level of $0.000012. This level has become a point of interest for bulls and a warning sign for bears. In recent weeks, accumulation by large holders has been observed, which may indicate renewed interest in SHIB. However, it is noteworthy that there has been negative movement on exchanges, leading to a decrease in SHIB supply, which might indicate investor caution.
Analysts' Opinions on Shiba Inu
Crypto analyst Javon Marks noted that SHIB confirms a bullish pattern with a potential price increase of 163%, possibly reaching $0.00003. Furthermore, if the current breakout structure holds, analysts suggest the potential for a 570% increase towards $0.000081. However, maintaining support at $0.000012 will be crucial for facilitating a possible rally.
Shiba Inu Tokenomics
According to Shibburn, the maximum supply of Shiba Inu is capped at 999,982,338,927,672 SHIB, while the current supply stands at about 589.2 trillion SHIB, with over 4.55 trillion staked as xSHIB. A sharp decrease in the burn rate by 97.15% emphasizes the volatility of the current situation. Despite the downturn, Shiba Inu remains the second-largest meme cryptocurrency after Dogecoin, with a market cap of $7 billion.
The situation with Shiba Inu remains uncertain, with trading under pressure. Monitoring the levels of $0.000012 and $0.000014 will be key to determining future trends.
