Shiba Inu Price Faces Potential Decline: Here's What You Need to Know

Shiba Inu Price Analysis

As of now, the Shiba Inu (SHIB) token is priced at $0.00001004, having decreased from higher levels earlier this month. On October 10, it plunged to $0.0000074 amid a broader market selloff sparked by geopolitical tensions. Although the token has made a slight recovery, it still shows a 6.61% decline over the past week and a significant fall of 19.52% over the last 30 days.

Key Takeaways

Current SHIB price: $0.00001004, down from earlier this month.
Notable drop to $0.0000074 on October 10 due to market selloff.
SHIB's burn rate has decreased sharply, with only 169,344 tokens burned recently.
Market analysts predict further decline with potential targets between $0.0000090 and $0.00000996.
Bitcoin’s performance and macroeconomic factors will influence SHIB's future price.

Decline in SHIB Burn Activity

The rate at which SHIB tokens are being burned has significantly slowed in recent weeks. Throughout most of October, daily burn figures have remained below 1 million tokens. In the last 24 hours alone, the burn rate plummeted by 81.61%, resulting in only 169,344 SHIB tokens being eliminated from circulation.

Market analysts highlight several reasons behind the negative sentiment among investors. Concerns regarding the project’s real-world applications, the team's focus on alternative projects, and a reduction in community engagement are all contributing to the current price struggles.

The breach of the crucial $0.000011 support level has shifted the technical outlook for SHIB. This support level had previously provided stability during prior market corrections. According to analysts from InvestingHaven, the token might drop further to around $0.0000090 in the short term.

Analysts Identify Future Price Targets

Trading platform Changelly suggests that SHIB may trade within the range of $0.00000975 to $0.00000996 in the near future. Market analyst Trades0028 points out that $0.000006 represents a key support zone that could serve as a foundation for possible recovery efforts.

Whether SHIB returns to its October 10 low of $0.0000074 depends on several factors. The price actions of Bitcoin are expected to have a strong influence on SHIB's direction, along with overall investor appetite for risk assets. Broader macroeconomic conditions will also play a significant role.

If Bitcoin continues to experience a downturn, it could increase selling pressure on altcoins, including SHIB. This scenario would further strain SHIB’s price structure and could potentially expedite the move towards lower support levels identified by technical analysts.