BIG Shiba Inu Price Prediction for July 2024: Surge or Plunge?
The Shiba Inu price has maintained a steady upward trend over the past week. Despite this, there is optimism among many that the coming weeks could be particularly favorable for SHIB holders. Let's take a look the Shiba Inu Price Prediction for July 2024 article to explore this further.
How has the Shiba Inu Price Moved Recently?
Currently, Shiba Inu is trading at $0.00001726, with a trading volume of $174.18 million over the last 24 hours. It has a market capitalization of $10.17 billion and holds a market dominance of 0.44%. The SHIB price has increased by 1.04% in the past day.
Shiba Inu achieved its highest price on October 28, 2021, reaching an all-time high of $0.00008819. Its lowest recorded price was on November 28, 2020, at $0.0000105637. Since its all-time high, the lowest price observed was $0.0000055821 (cycle low), and the highest since then was $0.00004501 (cycle high). The current sentiment for Shiba Inu price prediction is bearish, with the Fear & Greed Index at 53 (Neutral).
The circulating supply of Shiba Inu is currently 589.27 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The current yearly supply inflation rate stands at -0.01%, indicating a decrease of 76.03 billion SHIB created in the last year.
Will Shiba Inu Price Rise in July?
Shiba Inu has recently captured attention with a significant increase in its burn rate. According to the tracker Shibburn, over 900 million SHIB were burned in June alone. This substantial reduction in supply has sparked optimism regarding future price movements for the meme coin, as the decrease in available tokens could potentially drive up its value.
According to Shibburn's data, 918.07 million SHIB tokens were burned last month through 237 transactions, resulting in a 148.69% increase in the monthly burn rate. Additionally, today's figures show a dramatic burn of 301.68 million coins, leading to an astonishing 1392.60% rise in the daily burn rate.
The token burn mechanism effectively reduces the circulating supply of SHIB by permanently removing tokens from circulation. The substantial increase in both monthly and daily burn rates suggests a significant decrease in the available supply. This reduction can create a scarcity effect, potentially driving up the price of Shiba Inu as demand for the remaining tokens increases. Consequently, these burn events have fueled optimism within the community, as they are seen as a positive indicator for future price appreciation.
How High Can the SHIB Price Go?
The Shiba Inu (SHIB) token has exhibited notable performance metrics over the past year, with its price surging by 126%. This impressive growth rate has allowed SHIB to outperform 66% of the top 100 crypto assets and even exceed the performance of major cryptocurrencies like Bitcoin and Ethereum. However, despite these gains, SHIB is currently trading below its 200-day simple moving average, which indicates a potential for further upward movement as the market corrects itself.
Additionally, SHIB's recent burn rates, which saw a 148.69% increase monthly and a staggering 1392.60% rise daily, have significantly reduced its circulating supply. This reduction, coupled with a negative yearly inflation rate of -0.01%, suggests that the token's scarcity could drive its price higher as demand increases. Despite experiencing only 11 green days in the last 30 days and being down 80% from its all-time high, the token's medium liquidity and market activity signal resilience and potential for recovery.
Given its current oversold status, SHIB is poised for a rebound. The token's recent performance metrics and market conditions suggest that SHIB could see substantial price appreciation in the near term. While predicting exact price levels is tough, the combination of reduced supply, strong historical performance, and oversold conditions indicate that SHIB has the potential to reach $0.00002500, possibly recovering a considerable portion of its losses from the all-time high. Investors should watch for a breakout above the 200-day simple moving average as a key indicator of this upward momentum.
