Self-proclaimed Dogecoin rival emerging as an optimistic event in the cryptocurrency world Shiba Inu, recorded a significant increase in the cremation rate today. In this regard, it has fueled optimism among traders and investors in the global crypto industry. Burn information released by the Meme coin’s tracker revealed a staggering 1055% increase in SHIB’s burn rate, which contrasts with the token’s price action today.
After the token reached the $0.00003 level again yesterday, today’s decline has created an interesting situation for SHIB’s price action, despite the large increase in burn rate. Crypto market watchers hope that the community’s efforts and recent developments may influence the market dynamics of SHIB during the expected crypto market bull run. meme coinHe seems to have a keen interest in .
At the same time, major cryptocurrencies such as BTC and ETH crypto- Today’s decline reflects the general market trend, with prices falling. However, the meme coin’s key rival, Dogecoin, has made notable gains today, defying the overall market trend.
Shiba Inu Burnings Spark Speculation
According to burn data released by Shibburn, 50.90 million coins burned by SHIB in the last 24 hours were recorded, consistent with a 1055% increase in the burn rate. Aside from this huge amount, the supply of Shiba Inu has once again become severely diminished.
This development created great optimism in market sentiment, with the expectation that prices would increase in accordance with the law of demand and supply. However, today’s price action contradicted this optimism by not being in line with the SHIB burn increase.
According to CoinGecko data, although the token has risen to $0.00003147 in the last 24 hours, it hovered around $0.000030 at the time of writing, showing a slight downward trend despite the burn increase. This shows that the market dynamics for the token paint a speculative portrait.
Shiba Inu Price Drops
As Koinfinans.com reported, at the time of writing this news, the price of Shiba Inu coin has recorded a decrease of 2.15% in the last 24 hours and is currently trading at $ 0.00003035. This decline, in contrast to the burn increase, appears to be in line with the wave of internal bearish sentiments observed among traders and investors.
According to Coinglass data, there was a decrease of 8.23% in the token’s open interest, while the volume in derivatives decreased by 26.87%. This signals a decrease in market activity and investor interest in the asset. Combined with today’s price decline, it implies that selling pressure has outpaced buying pressure and reflects a downward trend in price.
However, the RSI (Relative Strength Index) is hovering around 59, indicating that the asset has not yet entered the oversold zone. This indicates that prices may recover or stabilize in the future. With the Shiba Inu’s steady burn and recent development efforts, a supportive effect on the price may occur in the short term.
One analysis highlighted that if history repeats itself, the Shiba Inu price could bounce from the ascending support and reach the $0.0000345 resistance with a 16% rally and then target $0.000038.
