The burn rate of the meme cryptocurrency Shiba Inu (SHIB) has increased significantly, with over 3.24 million SHIB tokens permanently removed from circulation in the past 24 hours. This burning of tokens is intended to increase SHIB's value, although its impact on the token's price has yet to be seen due to the large supply of SHIB in circulation. Finbold's artificial intelligence tool predicts a potential 8.26% rise in SHIB's price by January 31. Various AI models forecast different price predictions, ranging from a 21.77% increase to a 0.15% drop. Technical analysis suggests that SHIB may experience a bullish breakout if it successfully breaks out of a falling wedge pattern. Additionally, factors such as the launch of the TREAT token and the momentum of Dogecoin could drive price growth for SHIB. However, at present, SHIB's technical setup shows a dominantly bearish sentiment, despite a high Fear & Greed Index. The current price of SHIB is $0.00002047, with a weekly decline of over 6%.



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