Shiba Inu Price Forecast: 3 Signals Suggesting a 60% Increase

In the last 24 hours, Shiba Inu’s burn rate has skyrocketed by 62,000%, leading analysts to predict a possible price increase for SHIB. Furthermore, analysts believe that broader economic conditions, including potential interest rate reductions by the Federal Reserve, could positively impact SHIB and other cryptocurrencies. After reaching its peak in 2024, Shiba Inu’s market capitalization has dramatically fallen from $20 billion to $7.55 billion, a decrease of $0.0000203 billion. This significant decline occurs amidst substantial price adjustments for Bitcoin and various altcoins in recent months. In addition, worries about a potential recession in the US have led to increased selling of Shiba Inu, coinciding with a significant decline in the overall meme coin market. Crypto market experts suggest that the recent decline in Shiba Inu’s price could be coming to an end. Will Shiba Inu see a recovery soon? Many market analysts think that the drop in the Shiba Inu price may be approaching its conclusion in the near future. According to the latest information from ShibBurn, there has been a remarkable increase in the burning of SHIB coins, with the burn rate soaring by an astounding 62,000% over the past 24 hours. The significant increase was primarily caused by one individual moving 460 million SHIB coins to an inactive wallet. Since the launch of the token, more than 410 trillion SHIB coins have been eliminated from circulation, lowering the total supply to around 584 trillion. Additionally, another factor contributing to the recovery of Shiba Inu’s price may be its potential advantage from wider macroeconomic trends.