Shiba Inu (SHIB) is experiencing contrasting trends with some key indicators, making its position vulnerable as the market recovers from a bearish phase. The coin’s price has fallen by 8.42% to $0.00002494 at present. However, there’s a silver lining in the form of increased trading activity, with a 12.24% surge in volume reaching $841,624,957.
According to Shibburn’s statistics, Shiba Inu’s deflationary trait may experience a significant surge as the burn rate has become almost constant. With no growth, over 22 million SHIB tokens were destroyed in a day, paving the way for a potential large-scale recovery if the community persists in intensifying the token burning process.
Shiba Inu is among the popular altcoins with significant price fluctuations influenced by minor changes in crucial indicators such as burn rate, trading activity, and large transactions. Previously, Shiba Inu had reached a milestone by surpassing the $0.000026 mark as support and was on track to retake its place among the top 10 cryptocurrencies. Recently, however, the price took an unexpected turn, and the main objective for Shiba Inu in its ongoing recovery phase was to hit the $0.00003 mark.
Making a difference
The value of Shiba Inu tokens could increase significantly due to the support of its major investors, or “whales,” as indicated by a significant surge in large transactions. According to IntoTheBlock’s recent data, these substantial transactions amounted to $162.45 million within the last 24 hours, representing a 61.39% increase.
Supporting this extensive buyback could rebuild the SHIB supply lost through seller transactions. In addition to monitoring large transactions, it’s crucial to keep an eye on the overall market trend.
BlackRock Inc, which manages the most popular Bitcoin ETF on the market, has recently experienced a pause in daily inflows. This could indicate that the overall positive market feeling, or investor enthusiasm, may be starting to wane.
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2024-04-25 13:03