Bittime - Despite experiencing a price decline, Shiba Inu (SHIB), the dog meme crypto, is experiencing a significant increase in its token burn rate, namely 489%!
According to Shibburn X's account, in the last 24 hours, 19,345,086 SHIB tokens have been burned. This means, the SHIB burn rate jumped 489.87%.
SHIB Price Down, But Burn Up?
This drastic increase in burning occurred when the SHIB price was fluctuating. While price drops are common in crypto markets, this increase in burning may signal an effort by the SHIB community to increase the token's scarcity and its potential to stabilize prices.
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Generally, reduced supply with stable or increasing demand will cause prices to rise. However, crypto market movements can be influenced by various factors, such as investor sentiment, market trends and global economic conditions.
At the time of writing, SHIB price fell 8.78% in the last 24 hours to $0.000021. This follows the broader crypto market downward trend.
Where, Bitcoin even fell below the $64,000 level. Most other cryptocurrencies also experienced significant losses.
Also read: Shiba Inu: Will it Soar 300% or Have a Deeper Correction?
Why Are Crypto Markets Weakening?
Currently, the crypto market is under selling pressure. The decreasing chances of an interest rate cut by the Fed (American Central Bank) and an increase in bond interest rates appear to weaken the potential for an increase in crypto and stock prices.
Also Read How To Buy Crypto:
SHIB Price at Crossroads
SHIB price is now at a critical point after the recent decline. According to IntoTheBlock data, in the price range of $0.000020 to $0.000023, a total of 46.11 trillion SHIB was purchased by 44,710 addresses at an average price of $0.000022.
Also read: SHIB Price Soars 128% in 7 Days: How to Predict SHIB Price?
It's more than just a price range; this may be a test of endurance for SHIB. Whether SHIB will break out or stay in this range, the outcome will be an important clue to the future of this meme token.
If the SHIB price continues to fall, the nearest support (lower limit) is in the range of $0.000019 to $0.000020, where 3.77 trillion SHIB was purchased by 5,420 addresses.
On the other hand, if the SHIB price can rebound (rise again), the next hurdle is in the range of $0.000023 to $0.000025, where 41,690 addresses hold 37.84 trillion SHIB.
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Cara Beli Shiba Inu (SHIB) di Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy a Shiba Inu (SHIB) at Bittime.
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Shiba Inu (SHIB): Community Resilience and Shibarium Development Boost SHIB Price
Dogecoin Vs Shiba Inu: Catching Each Other's Eyes
Will Shiba Inu Soar High After Bitcoin Halving?
Should You Buy Shiba Inu (SHIB) in 2024?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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