The post Shiba Inu (SHIB) Price Prediction for March 14 appeared first on Coinpedia Fintech News
Since early December 2024, the ShibArmy has been riding a rollercoaster, with Shiba Inu (SHIB) struggling to find stable ground. Much like Ethereum (ETH), SHIB has been caught in a choppy market, making investors wonder: Is a breakout around the corner, or is more downside ahead?
The mid-cap, dog-themed memecoin – boasting a fully diluted valuation of $7.2 billion and a 24-hour trading volume of around $169 million – has dropped over 22% in the past four weeks. As of Friday, March 14, SHIB was trading at $0.00001239 during the mid-London session, hovering near a key support zone.
As the largest memecoin on the Ethereum network, SHIB’s price often follows Ethereum’s movements. If Ethereum stages a strong recovery, SHIB could also see a rebound, along with other altcoins.
Shiba Inu Chart InsightsÂ
From a technical perspective, SHIB is retesting a key support zone between $0.0000128 and $0.00001, a level that has held over the past year. It is also testing an important weekly trendline support. If this level fails, a further market correction could follow.
However, if the market turns around, SHIB’s next resistance zone lies between $0.000021 and $0.000025.
Shibarium’s Growth Strengthens
Over the years, Shiba Inu has evolved from a meme token to one with real utility, thanks to the Shibarium Layer 2 ecosystem. Shibarium now supports over a dozen DeFi protocols and has a total value locked of around $1.71 million.
This growth has attracted more than 1.4 million SHIB holders, contributing to an increase in the token’s burn rate. According to Shibburn, SHIB’s burn rate surged by 27,787% in the past 24 hours, reducing the token’s supply and potentially increasing its scarcity.
