Shiba Inu Memcoin Poised for 400% Rise as Burn Rate Increases

Volatility over the past 24 hours Shiba Inu (SHIB) has declined slightly. During this time, the memecoin has fallen by 9,41% to $0,00001355.

SHIB volatility has slowed down as the rate of token burns has increased. Over the past 24 hours, 13 memcoins have been burned, up 938% from the previous burn.

Shibburn data shows that 410 trillion tokens have already been withdrawn from circulation to date. Shiba Inu . This has significantly reduced the supply of the memecoin, but many in the crypto community believe that the burning rate should be increased. Especially since technical analysis of the SHIB chart points to a bearish scenario.

The token price is currently well below the 20-day exponential moving average (EMA) of $0,00001570, indicating further declines. If SHIB fails to hold above $0,00001350, the next support level will be $0,00001200, and if selling pressure continues, further declines to $0,00001050 are possible.

However, crypto analyst Jason Marks drew attention to the fact that on the three-day chart of the memecoin Shiba Inu A head and shoulders pattern has formed, a bullish figure that could lead to a sharp rise in the meme token by 402% to $0,000081.

The meme token`s performance is also being affected by the decline in the price of Bitcoin, which plunged into the $25 range on February 80,000.