Bitcoin
Bitcoin (BTC)
$83,910.00 2.04616
Bitcoin price
Ethereum
Ethereum (ETH)
$1,860.90 2.5587
Ethereum price
BNB
BNB (BNB)
$607.82 1.88671
BNB price
Solana
Solana (SOL)
$127.42 2.40454
Solana price
XRP
XRP (XRP)
$2.13 2.28369
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000127 4.62719
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000075 6.61775
Pepe price
Bonk
Bonk (BONK)
$0.0000117 6.10657
Bonk price
dogwifhat
dogwifhat (WIF)
$0.425472 -0.19641
dogwifhat price
Popcat
Popcat (POPCAT)
$0.196092 5.1004
Popcat price
Bitcoin
Bitcoin (BTC)
$83,910.00 2.04616
Bitcoin price
Ethereum
Ethereum (ETH)
$1,860.90 2.5587
Ethereum price
BNB
BNB (BNB)
$607.82 1.88671
BNB price
Solana
Solana (SOL)
$127.42 2.40454
Solana price
XRP
XRP (XRP)
$2.13 2.28369
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000127 4.62719
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000075 6.61775
Pepe price
Bonk
Bonk (BONK)
$0.0000117 6.10657
Bonk price
dogwifhat
dogwifhat (WIF)
$0.425472 -0.19641
dogwifhat price
Popcat
Popcat (POPCAT)
$0.196092 5.1004
Popcat price
Bitcoin
Bitcoin (BTC)
$83,910.00 2.04616
Bitcoin price
Ethereum
Ethereum (ETH)
$1,860.90 2.5587
Ethereum price
BNB
BNB (BNB)
$607.82 1.88671
BNB price
Solana
Solana (SOL)
$127.42 2.40454
Solana price
XRP
XRP (XRP)
$2.13 2.28369
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000127 4.62719
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000075 6.61775
Pepe price
Bonk
Bonk (BONK)
$0.0000117 6.10657
Bonk price
dogwifhat
dogwifhat (WIF)
$0.425472 -0.19641
dogwifhat price
Popcat
Popcat (POPCAT)
$0.196092 5.1004
Popcat price
Bitcoin
Bitcoin (BTC)
$83,910.00 2.04616
Bitcoin price
Ethereum
Ethereum (ETH)
$1,860.90 2.5587
Ethereum price
BNB
BNB (BNB)
$607.82 1.88671
BNB price
Solana
Solana (SOL)
$127.42 2.40454
Solana price
XRP
XRP (XRP)
$2.13 2.28369
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000127 4.62719
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000075 6.61775
Pepe price
Bonk
Bonk (BONK)
$0.0000117 6.10657
Bonk price
dogwifhat
dogwifhat (WIF)
$0.425472 -0.19641
dogwifhat price
Popcat
Popcat (POPCAT)
$0.196092 5.1004
Popcat price

Shiba Inu could rebound as SHIB burn rate, Shibarium TVL rises

Anthony Patrick
Edited by
Markets
Shiba Inu could rebound as SHIB burn rate, Shibarium TVL rises

Shiba Inu’s price has pulled back in the last three days, erasing some of the gains made earlier last week. 

Shiba Inu (SHIB) coin retreated to $0.00001270, down by 20% from its highest level last week. 

The ongoing pullback is due to the fear among stocks and crypto investors. US equities plunged on Friday, with the benchmark indices like the Dow Jones and S&P 500 falling by over 2% on Friday. 

The crypto market has also dived, with Bitcoin (BTC) plummeting from near $89,000 last week to below $82,000. The market cap of all cryptocurrencies has dropped to $2.7 trillion, while the crypto fear and greed index has moved to 24. 

Shiba Inu price has also plunged, even after the burn rate has risen in the past few days. Data shows that the 24-hour burn rate increased by 30% to 2.01 million, bringing the cumulative burns to over 410 trillion. 

Token burns help to create value by reducing the number of coins in circulation. In Shiba Inu’s case, users voluntarily incinerate some of their tokens, while others are burned from the Shibarium network fees. Two users have burned two billion tokens in the past few days. 

Further, data shows that the Shibarium total value locked rose 24% in the last 30 days to $2.5 million. The ShibaSwap TVL jumped by 37%, while WoofSwap and ChewySwap jumped by 31% and 20%. 

Shiba Inu price analysis

Shiba Inu price
SHIB price chart | Source: crypto.news

The daily chart shows that the SHIB price has remained under pressure in the past few months as it crashed from $0.00003345 in November last year to $0.00001268. 

Shiba Inu coin remained below the 50-day and 100-day Exponential Moving Averages, a sign that bears remain under pressure. 

On the positive side, it remains above the crucial support level at $0.00001235. This is a top-level since it was the lowest swing in February this year and in July, August, and September last year. It has retested that price, a positive sign since a break-and-retest is a popular continuation sign.

Shiba Inu price has also formed a giant falling wedge pattern on the daily chart. Therefore, the coin may bounce back in the next few weeks. More gains will become valid if it jumps above the key resistance level at $0.00001560, the highest swing on March 26. 

If this happens, the next point to watch will be at $0.00002215, the 50% retracement point, about 75% above the current level. A drop below the support at $0.000010 will invalidate the bullish outlook.