Shiba Inu's cryptocurrency, SHIB/USD, has experienced a 9% drop in its value recently, even though there are positive indicators suggesting a promising trajectory in the long term. The coin's burn rate has been increasing, and transaction volumes are on the rise, fostering optimism among investors regarding its future performance. Despite the current decline, there is speculation and analysis suggesting potential positive movements for Shiba Inu.
InvestingHaven has made a prediction that SHIB might see an increase to $0.0000444 by mid-December. This forecast implies that a retracement could occur, setting the stage for a bullish trend in 2025 if the projected level is not reached within the expected timeframe. Another trader has expressed optimism about SHIB breaking out of a downtrend that has lasted for four years, positioning the coin towards its all-time high. Additionally, TraderSZ advises keeping an eye on crucial support levels to gauge the coin's future performance and potential price movements.
Recent data indicates a surge in transactions valued at over $100,000, escalating from 437 to 1,776 in a single day. Moreover, following a recent rally, 74% of SHIB holders are currently in profit, with 7% at a breakeven point. Shibburn, a platform tracking SHIB burn activities, reported a significant burn rate spike of 294.8% after 56.3 million SHIB were burned in a 24-hour period. The daily transactions on Shibariumscan also reflect growth, increasing from 4.67 million to 4.74 million in just one day. Technical analysis by Benzinga points out that Shiba Inu's relative strength index (RSI) is at 75, indicating that the meme coin is currently in overbought territory. This information provides additional insight into the current state of Shiba Inu and potential future movements.