Shiba Inu (SHIB) Market Overview
Current Price: $0.00001275 USD
24-Hour Change: +0.24%
24-Hour High / Low: $0.00001308 / $0.00001263
Market Cap: Approximately $7.48 billion USD
24-Hour Trading Volume: Around $136 million USD
Circulating Supply: 589.25 trillion SHIB tokens
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Recent Developments. $SHIB
The SHIB community has witnessed a significant surge in token burns, with over 21 million SHIB tokens removed from circulation in the past 24 hours, marking a 5,223% increase in the burn rate. This aggressive reduction in supply is part of a broader strategy to enhance the token's value by decreasing its availability.
Despite these efforts, SHIB's price has experienced a slight decline over the past week, dropping nearly 15% to its current level. Analysts suggest that reclaiming previous market dominance levels could propel SHIB to new highs, especially if the broader crypto market experiences substantial growth.
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Technical Analysis
SHIB is currently navigating a tight trading range, with support around $0.00001263 and resistance near $0.00001308. The Relative Strength Index (RSI) indicates a neutral market stance, suggesting that traders are awaiting clearer signals before making significant moves.
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Community Sentiment
The SHIB community remains active, with discussions focusing on the recent burn rates and potential price movements. While short-term volatility persists, long-term holders are optimistic about SHIB's prospects, especially with ongoing efforts to reduce supply and increase utility.
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For real-time updates and more in-depth analysis, visit the Shiba Inu Price Page on Binance.
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