As a long-term crypto investor with a particular interest in Shiba Inu, I find myself both intrigued and dismayed by recent developments. The impressive 466% increase in weekly burns within the community is an encouraging sign of dedication to enhancing the coin’s scarcity. However, the stark contrast between this progress and the 22% decrease in SHIB‘s price over the same period leaves me feeling uneasy.
It’s quite unexpected for Shiba Inu, the cryptocurrency inspired by the breed of the same name, that there has been a significant surge of 466% in weekly burns recently. However, the value of this digital asset has fallen by 22% during the same time frame.
Based on data from the Shibburn X ledger, approximately 364 million SHIB tokens were eliminated from circulation over the past week, marking a substantial jump of 466.83% in weekly burning activity.
As an analyst, I’ve noticed a significant surge of 466% in burns within the community. This trend suggests that there’s a deliberate attempt among participants to decrease the coin’s supply in preparation for a possible price increase.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing discrepancy between expectations and reality with SHIB. Contrary to the anticipated high burn rate, its price has plummeted over the past week, registering a 22% decrease. This downturn can be linked to several factors. The broader market conditions have been turbulent, affecting numerous cryptocurrencies. Investor sentiment, influenced by various news and events, has also played a role in this decline. Lastly, profit-taking activities by investors might have intensified the price drop as they cashed out their gains.
Crypto market faces volatility
Since the beginning of the week, the cryptocurrency market has seen heightened instability, resulting in numerous coins being subjected to significant price decreases.
Bitcoin suffered its fourth consecutive daily loss, contributing to a broader cryptocurrency market downturn. This slide came in contrast to the ongoing rise of global stock markets, which reached new record highs recently. Shiba Inu endured larger declines, with a drop of approximately 10%.
The price of SHIB has been on a downtrend since reaching a peak of $0.0000173 on July 3. If the token ends the day with a decrease in value, it will represent the third consecutive day of losses. At present, SHIB is experiencing a 9.39% decrease over the last 24 hours and has touched a low of $0.00001266. Over the past week, the token has seen a significant drop of 22%.
Later this Friday, the U.S. jobs report will be released, providing investors with valuable insights into the Federal Reserve’s upcoming monetary policy decisions. With recent economic data showing signs of weakness, there is growing anticipation that the Fed may adopt a more accommodative stance in the near future.
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2024-07-05 16:08