Amidst Ongoing Price Volatility, SHIB Memecoin Market Has Recorded a Correction of 2.38%

Recently, amid ongoing price volatility, the memecoin market has recorded a correction of 2.38%. This has resulted in top memecoins

Recently, amid ongoing price volatility, the memecoin market has recorded a correction of 2.38%. This has resulted in top memecoins, such as SHIB, SUSHI, and FTM, reporting a significant correction in their respective portfolios.

Following in the footsteps, the SHIB memecoin has plunged by 7% in seven days. However, the on-chain data hints at a strong bullish reversal in the upcoming time. This comes after news of increased SHIB burn rate and new SHIB pay scheme. Marketers speculate this could act as a catalyst for the Shiba Inu price to retest its upper price targets.

Are you considering investing in this memecoin, but are concerned about its future prospect? Scroll down as, in this article we will uncover the on-chain and technical sentiments of this memecoin. Moreover, we will conclude the article with a possible short-term Shiba Inu price prediction.

SHIB Burn Rate Soars Over 22,600%!

Over the past 24 hours, the SHIB burn rate has witnessed a surge of 22,604% with 25.77 million SHIB tokens transferred to dead wallets. Reportedly, Shiba Inu network has recorded 4 transactions out of which 3 are more than 1 million tokens. As of today, the total burn from initial supply stands at 410,74 trillion.

The increased SHIB burn rate highlights an increase in the buying-and-selling pressure for the second-largest memecoin in the crypto market. On the other hand, Shib’s latest self-custodial crypto payment has gained the attention of the crypto community.

Notably, through this service, users can be benefited through 5 ways, from lower costs to fast process and complete control, this new system is set to take over the market in the upcoming time.

Possible Impact On Shiba Inu Price

The Shiba Inu price has recorded a drop of 2.16% over the past day with a trading volume of $106.21 million, a change of -28.36%. With a listed value of $0.00001324, this memecoin has a market capitalization of $7.81 billion. With this, it is currently trading at a discount of 85% from its ATH of $0.00001368.

Currently, the 50-day EMA acts as a support to the SHIB price chart in the daily time-frame. Meanwhile, the Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram with its averages recording a bearish convergence. This suggests a mixed price action for this memecoin.

If the bullish sentiment intensifies, the SHIB memecoin price could retest its resistance level of $0.00001525. Maintaining the price above that level could set the stage for it head toward its upper resistance level of $0.000020.

Conversely, increased liquidation and rising uncertainty could pull the price of Shiba Inu token toward its crucial support trendline of $0.00001025 this month.