SHIB Surges 6.32% as Burn Rate Spikes 3,465% and Tests Key Resistance

SHIB is showing a bullish trend on August 9, with the price rising by 6.32% in the last 24 hours. According to the hourly chart analysis, the token has stabilized above the $0.00001356 resistance level, indicating a possible continuation of upward momentum [1]. Analysts suggest that if the price can maintain this position and close the candle without a long wick, SHIB may test the $0.000014 level soon [1]. On larger time frames, the absence of reversal signals and a potential close near the peak of the candle could push SHIB toward $0.00001428 by the end of the week [1].

Technical indicators show SHIB currently trading within a consolidation range of $0.000013 to $0.000015. A weekly close near current levels could indicate that further gains may require more time for buyers to gather strength [1]. As of press time, SHIB is trading at $0.00001374 [1].

On the same day, SHIB experienced a significant surge in its burn rate, increasing by 3,465% in a single 24-hour period. Over 9.81 million tokens were burned in a major transaction, although this remains a small fraction of SHIB’s total supply of 590 trillion. The burn mechanism, which is designed to reduce supply by burning a portion of transaction fees, continues to be viewed as a positive fundamental factor by some analysts [7]. This increase coincided with SHIB moving above $0.00001250, suggesting a potential strengthening in upward momentum.

Despite this, some traders are cautious. SHIB is currently consolidating near $0.00001264, with overhead resistance expected to limit short-term gains [3]. The key resistance level to watch is $0.00001300 on the 4-hour chart, and a clear breakout above this level is seen as crucial for continued upward movement [6]. If SHIB fails to break through, a temporary pullback to around $0.00001250 is considered a likely scenario [7].

Looking ahead, projections vary widely. CoinCodex has estimated a potential price range of $0.00001239 to $0.00001586, representing a possible 21.63% gain for investors [4]. Another prediction suggests SHIB could see an 11,044% increase, reaching $0.00015, although this is presented as speculative and lacks technical or fundamental support [2]. Watcher, on the other hand, forecasts a much longer-term range of $0.000224 to $0.000255 by 2031, which would be a 17-fold increase from current levels [5].

Broader market trends are also influencing SHIB’s outlook. Recent investor activity has shifted toward newer projects, such as Remittix, a crypto-based payments platform offering crypto-to-bank transfers. This shift has led to bearish forecasts for SHIB, as capital is moving away from established meme coins [3]. Additionally, the rise of Pepe and other meme coins is drawing attention away from Shiba Inu, further complicating the short-term outlook for SHIB [3].

SHIB still maintains a bullish case for long-term investors, with some analysts proposing a reverse token split as a potential method to reduce the circulating supply and elevate the price per token [7]. However, this remains speculative and would require substantial market participation to be effective.

In summary, SHIB is at a critical juncture with both strong technical signals and increasing competition from emerging altcoins. The immediate focus is on the $0.00001300 level, where a breakout could open the door to a test of $0.000014. Analysts are divided, with some forecasting a sharp rise and others warning against over-optimism due to shifting capital flows in the market.

Source:

[1] SHIB Price Prediction for August 9 (https://u.today/shib-price-prediction-for-august-9)

[2] SHIB Price Prediction: Could This Rising Memecoin See an 11,044% Surge (https://coinpedia.org/press-release/shiba-inu-price-prediction-could-this-rising-memecoin-see-an-surge/)

[3] SHIB Price Prediction: Shiba Inu Bulls Lose Hope (https://coincentral.com/shib-price-prediction-shiba-inu-bulls-lose-hope-as-remittix-becomes-the-talk-of-the-crypto-market/)

[4] Shiba Inu (SHIB) Price Prediction 2025, 2026-2030 (https://coincodex.com/crypto/shiba-inu/price-prediction/)

[5] SHIB Price Prediction 2030 To 2034: Meme Coin or Millionaire Maker (https://watcher.guru/news/shib-price-prediction-2030-to-2034-meme-coin-or-millionaire-maker)

[6] Shiba Coin Price Ready to Explode? Traders Say (https://thetradable.com/crypto/shiba-coin-price-ready-to-explode-traders-say-absolutely-insane-move-coming-ig--m)

[7] Shiba Inu Price Prediction: Burn Rate Explodes (https://cryptonews.com/news/shiba-inu-price-prediction-burn-rate-explodes-3465-in-24-hours-is-1-shib-now-in-play/)

[8] Pepe And Shiba Inu Could See More Downside (https://blockchainreporter.net/pepe-and-shiba-inu-could-see-more-downside-as-investors-rotate-into-trending-projects-like-remittix/)