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The Shiba Inu price has plunged 10% in the last 24 hours to trade at $0.00001819 as of 3:30 a.m. EST on a 178% surge in trading volume to $568 million.
This plunge comes even as the SHIB burn rate has skyrocketed by 12,842% in the past 24 hours. This massive increase is due to the incineration of 12.04 million SHIB tokens.
This exercise is crucial for Shiba Inu’s deflationary strategy, as it reduces the circulating supply. This reduction could help support future price recovery efforts should the broader market be able to shake off today’s crypto crash.
Shiba Inu Price: Is It Time Time To Buy SHIB?
The current price of Shiba Inu indicates a rebound from the lower boundary of a falling wedge pattern, suggesting a potential for bulls to regroup and push the price higher. This support level has demonstrated strength, offering bulls an opportunity to regain control and show resilience in the market.
SHIBUSDT Analysis (Source: Tradingview)
Despite encountering resistance at $0.00000997, the bullish sentiment remains strong, with the price holding above the 200-day simple moving average (SMA), which aligns with the lower trendline of the wedge.
This position could empower the bulls to push the price higher and potentially cross the 50-day SMA. The golden cross, where the 50-day SMA crosses above the 200-day SMA at $0.00000831, signals a continuation of the bullish trend.
Bullish momentum is further supported by the Relative Strength Index (RSI), which is currently consolidating at the 30 oversold level. As the RSI surges back, the bulls will have an opportunity to rebound.
Shiba Inu Price Prediction
Looking ahead, all indicators signal a bullish reversal. if the bullish momentum persists above $0.00002394, it could pave the way for the bulls to target $0.00004197.
However, resistance at this level may attract selling interest, potentially leading to a retracement towards the previous support level at $0.000008115.
DAWGZ Presale Closes In On $2 Million Mark
Even as SHIB gears up for a bull rally, some investors are turning to other equally attractive projects like Base Dawgz (DAWGZ), a new meme coin designed for those seeking innovation and adventure.
The DAWGZ presale has surged past $1.7 million in funds raised in its presale, prompting some analysts to say it might be the new Brett (BRETT) on Base.
While living primarily on Base, the project is bringing a new approach to the market with a multi-chain experience, allowing users to also trade on Ethereum, Solana, Binance Smart Chain, and Avalanche all at once.
$DAWGZ presale link – https://t.co/mgxrwfKg3M pic.twitter.com/x7t8L8fNpn
— Ras Pereira (@rasmuspereira) June 17, 2024
Base Dawgz operates across all these blockchains simultaneously, aiming to expand the industry’s boundaries and demonstrate that the possibilities are far greater than previously imagined.
The project employs advanced Web3 technology like Wormhole and Portal Bridge, ensuring smooth transactions across multiple blockchain ecosystems.
Investors are eligible to earn passively with the project’s upcoming staking option. The team has set aside 20% of the total token supply for staking.
The project also plans to launch the “Be Social for Airdrop” campaign, where investors can earn points by interacting with the project on social media, particularly on X. These points can later be redeemed for $DAWGZ tokens.
According to ClayBro, a YouTuber and crypto analyst, DAWGZ could potentially create millionaires once it launches.
DAWGZ tokens cost $0.00527 each. If you are interested, buy the tokens on the official website before a price hike in less than seven days.
Buy DAWGZ tokens here using ETH, USDT, BUSD, or USDC.
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