The price of the Shiba Inu digital presence has the expectation of rising in line with large token burns and updates in the ecosystem. Investors stated that they receive positive signals to reach the level of 0.01 %, while the current level of critical resistance makes it difficult.
Token burning rates
In January, approximately 1.16 billion toks were reportedly out of the market. It was stated that the average daily 37.52 million toks were burned, and it was determined that an increase of 2104 %on a weekly basis. These burning procedures support the prediction that it can have a positive effect on the price due to the contraction of supply.
Price targets and resistance points
The price of the asset was recorded as about 0.00001875 dollars. According to the analyzes, the critical resistance determined at $ 0.00002 limits the forward -looking movement. In the middle of January, this level can be overcome briefly, but recently reported that the price declined.
Although the decline in supply and the continuous burning strategy increase the expectations of investors, the market faces some difficulties. The effects of the price decrease by 2 %per day and 18 %monthly decreases.
However, according to analyst examinations, continuous supply reduction is thought to have positive effects on the price in the future. In the current case of the market, a clear road map could not be drawn for transition to higher levels.
In addition, evaluations by Coingape point to the potential of token burning rates to affect the price movements.
Shıb Community: “The target of $ 0.01 does not seem possible for now.”
The general assessment suggests that Shiba Inu’s current token burning strategy may have an impact on the price by narrowing the asset supply. Investors continue to take cautious steps by closely following market dynamics.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
