Last week was rough for Shiba Inu, which dropped by 18 per cent, as the memecoin continued to struggle amidst a bear trend in the cryptocurrency market. However, today, the crypto is up by a percentage point. Shiba Inu is also looking likely to rise throughout the session.
One of the main issues that have plagued the recovery of Shiba Inu for the past few weeks is the current bearish trend in the cryptocurrency industry. Today, the industry has dropped by more than 5 per cent, which has resulted in the market capitalization of the industry falling to $910 billion. Unfortunately, such moves affect Shiba Inu, which has a significant correlation with the industry and especially major coins such as Bitcoin, which are also in an aggressive bearish trend.
Another issue is the dissatisfaction of Shiba Inu investors with the rate of burning the coins. Many of them feel that the speed of removing SHIB tokens from circulation is moving slowly. To put it into context, the past 24 hours have seen more than 150 million SHIB tokens removed from circulation. In the past 3 months, reports indicate that 11 billion SHIB tokens have been removed from circulation, which is equivalent to $128,000. Also, since its launch, 40 per cent of the SHIB supply of 1 quadrillion has been removed. However, to many investors, the speed should be much faster.
Today, it is estimated that over 549 trillion Shiba Inu are in circulation, and despite the coin’s past success, the huge circulation makes it harder for its prices to surge again.
Shiba Inu Price prediction
Looking at the daily chart below, I expect the prices to continue falling. This is after prices retreated back below the $0.000012 price level, and since then, the prices have traded in a strong bearish trend with the exception of today.
Therefore, my Shiba Inu price prediction expects the prices to hit the $0.0000095 support level. There is also a high likelihood we might see it trading below the support level. In the next trading session, I also expect the global cryptocurrency trend to play a significant role in the Shiba Inu trend, thereby continuing its current price drop. My analysis will be invalidated by a Shiba Inu return above the $0.00012 resistance level.