Let's dive into the recent developments surrounding Shiba Inu (SHIB) and explore its potential for a breakout:
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## **Massive SHIB Burn Activity**
- The Shiba Inu coin (SHIB) has witnessed an astonishing 7300% surge in its burn rate, creating a buzz within the crypto market.
- In the past 24 hours, a whopping 2.37 million SHIB coins were burned, reducing the total supply to 589.27 trillion SHIB.
- Despite this significant burn, the price remained relatively stagnant, hinting at sideways movement with waning momentum.
## **Current Price Movement**
- At present, SHIB is trading at approximately $0.00001673, experiencing a 3.04% dip.
- Recent highs and lows were recorded at $0.00001729 and $0.00001653, respectively.
- Notably, SHIB has fallen from its July 16 high of $0.00002, raising investor concerns.
## **Technical Analysis and Market Sentiment**
- CoinGape's price analysis reveals that SHIB is in a steady downtrend, characterized by converging trend lines forming a falling wedge pattern.
- The maturity of this downtrend could potentially pave the way for a price pump.
- SHIB's futures open interest (OI) increased by 0.81% to $41.56 million, indicating rising investor interest.
- Derivatives volume also surged by 42.52% to $68.79 million, fostering optimism among crypto participants.
## **Price Prediction and Outlook**
- CoinGape's prediction highlights a rounding bottom pattern on SHIB's weekly chart, signaling a potential bottoming downtrend.
- Coupled with the significant burn rate, market statistics suggest a positive outlook for SHIB.
- The projected price target for August is $0.0000377.
## **Conclusion**
The recent surge in SHIB's burn rate has ignited hope for its price prospects. Despite current declines, technical indicators and increased trading activity hint at a potential breakout. Investors eagerly await whether SHIB can achieve its projected price target in the coming weeks. 🚀🔥
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Remember, as with any investment, thorough research and caution are essential. If you have further questions, feel free to ask! 😊
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