The cryptocurrency based on the Shiba Inu dog theme, SHIB, has experienced a significant surge in its destruction rate, rising by over fourfold (489%).
Based on data from the Shibburn X report, approximately 19.35 million SHIB tokens were eliminated from circulation in the past 24 hours, representing a substantial increase of 489.87% in the token burning rate.
Amidst SHIB‘s volatile pricing, there’s been a notable surge in the coin’s burning rate. This occurs when the price of SHIB takes a downturn. Although price drops are typical in the crypto market, the coinciding rise in the burn rate could be an indication of the SHIB community actively working to reduce the token’s supply and possibly bring price stability.
Normally, when the supply is lower than usual but demand stays strong or grows, prices will typically rise. Yet, various elements can impact market behavior. These factors may include investor attitudes, industry tendencies, and larger economic circumstances.
Currently, SHIB is decreasing by 8.78% in the past 24 hours to reach $0.000021. This drop aligns with the broader crypto market trend, causing Bitcoin to dip below $64,000. Most cryptocurrencies are experiencing substantial losses as well.
The cryptocurrency market is experiencing downward trends right now due to decreasing expectations for Federal interest rate cuts and increasing bond yields. This unfavorable combination weakens the argument for buying cryptocurrencies and stocks, making it harder for their prices to rise.
Shiba Inu price faces critical test
The Shiba Inu token (SHIB) is presently facing a crucial decision point after experiencing a recent decline. Based on information from IntoTheBlock, approximately 46.11 trillion SHIB were acquired by around 44,710 unique wallets, with an average purchase price of $0.000022 within the span of $0.000020 to $0.000023.
The price range of SHIB is significant and could serve as an indicator of its strength. If it manages to surpass this level or holds firm, the response will provide valuable insight into the behavior of the dog-themed coin in the market.
When SHIB nears the lower limit of its price range, there’s growing anticipation in the crypto market about whether it will hold at this level. Should SHIB continue to slide, there isn’t much buying power in the $0.000019 to $0.000020 range where approximately 5,420 addresses purchased 3.77 trillion SHIB.
If SHIB experiences a resurgence in price, it may encounter its next challenge around the price range of $0.000023 to $0.000025. Approximately 41,690 wallets collectively possess approximately 37.84 trillion SHIB tokens within this range.
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2024-04-16 14:34