Optimistic Case for SHIB: Analysts Targeting $0.0000998 by 2025

Shiba Inu (SHIB), the second largest meme coin, has dropped 6.30% in the past 24 hours after hitting a daily high of $0.0000261. The decline of SHIB comes amid a general cryptocurrency market downturn, with Dogecoin (DOGE) also down 5.83%. However, price increase predictions are emerging for SHIB despite the lower price. According to data from CoinMarketCap, SHIB is trading at $0.00002401 after recovering from a daily low of $0.00002282. Although this digital asset has decreased by 72.83% compared to the all-time high of $0.00008845 witnessed three years ago, an optimistic prediction from analyst InvestingHaven on X (formerly Twitter) stated that this meme coin has the potential to skyrocket to $0.0000998 by 2025. The burn rate of SHIB is increasing Meanwhile, data from the Shiba Inu Shibburn burning rate tracking tool shows that in the past 24 hours, the burning rate of SHIB tokens has increased by 69.28% with 6.18 million tokens burned. Overall, 410 billion SHIB tokens have been burned from the total supply. The more SHIB tokens are burned from the supply, the higher the possibility of a sudden price increase, as the digital asset supply decreases while the demand for cryptocurrencies remains unchanged or even increases. Shiba Inu price analysis With a market capitalization of $14.15 billion and a price increase of 130.01% since December 2023, SHIB remains the best-performing company. However, the Relative Strength Index (RSI) on the daily chart below shows a value of 40.61, which means the bear camp is controlling the price action.

The RSI line also shows that SHIB will trade sideways for a short period of time, although volumes have increased in the past few days. The nearest support level for the meme coin is $0.00002288, which has been held for a considerable amount of time. DYOR! #Write2Win #Write&Earn $SHIB {spot}(SHIBUSDT)