The post Shiba Inu Faces Price Decline After Surge appeared on BitcoinEthereumNews.com.

Shiba Inu has recently encountered a price drop after hitting a high of $0.000034. The decline in both the burn rate and the number of active addresses over the past week suggests a decrease in market confidence. Consequently, the SHIB price has fallen by 2% today and 13% throughout the week, raising concerns about a possible decline towards the $0.000024 support level. What Caused the Drop in Burn Rate? Recent reports reveal that Shiba Inu’s burn rate plummeted by more than 100% within the past week. However, a significant rebound occurred in the last 24 hours, with an increase of nearly 425% attributed to a Shiba Inu wallet transferring 70,605,175 tokens to a burn address. How is the Market Responding to SHIB’s Weakness? Currently, the SHIB price stands at $0.00002755 after a more than 2% drop in the last day, accompanied by a 13% decline in trading volume, indicating waning investor interest. Technical analysis also highlights weakness across various indicators, including the Ichimoku cloud and RSI. Burn rate has fluctuated significantly, impacting market perceptions. The SHIB price shows vulnerability, with trading volume decreasing. Support level at $0.000024 is critical for price stabilization. Growing community interest in new token launches may affect market dynamics. The ongoing market trends and activities within the Shiba Inu community are pivotal in shaping the cryptocurrency’s short-term price trajectory. Close observation of these developments will be crucial for understanding SHIB’s future performance. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/shiba-inu-faces-price-decline-after-surge

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Filed under: News - @ December 14, 2024 8:23 pm