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The Shiba Inu (SHIB) coin has experienced notable fluctuations in its performance over the past few days. On December 16, 2024, the Shibburn platform reported burning 20,035,968 SHIB coins in 24 hours, resulting in a burn rate increase of 1,987%. This significant burn aims to reduce the circulating supply and increase the coin's scarcity, which may contribute to raising its future value.
Despite burning efforts, SHIB has seen a decrease in trading volume to $708 million from $2.8 billion, indicating a decline in investor interest and downward momentum. Additionally, the price of the coin has dropped by 10% over the past week. This decline in volume and price may be due to short-term holders selling their holdings, increasing downward pressure on the coin.
Currently, the price of SHIB is around $0.00001385, with a slight change of -0.05332% compared to the previous close. Daily prices range between $0.00001304 and $0.00001465.
Given these developments, SHIB may face further fluctuations in the near future. If the downward momentum continues, the price may drop to $0.000022 or even $0.000018. However, if buying and interest from investors increase, the price may rise to $0.000033.
Overall, the future of SHIB depends on the balance of supply and demand, as well as investor sentiment and developments in the cryptocurrency market in general.