Shiba Inu Struggles Amid Fake ETF News
Shiba Inu is facing difficulties in maintaining its value after volatility increased due to fake news about a spot Bitcoin exchange-traded fund (ETF). This has led to a general decline in the crypto market, with Bitcoin leading the way with a drop to $45,000.
Shiba Inu Price Weakening
Shiba Inu’s technical structure is weakening, as indicated by its position below the Ichimoku Cloud indicator. Despite the excitement surrounding the potential approval of an ETF by the SEC, altcoins like SHIB have been unstable. The recent brief breakout in Bitcoin price following the fake news may provide insight into how prices will react after the actual approval.
Caution Advised for Altcoins
Investors should be cautious when it comes to altcoins like Shiba Inu, as they are already showing signs of weakness. If the immediate support at $0.0000092 fails to hold, SHIB could retest $0.00000925. If the decline continues, it could even reach the lower ascending trendline that previously acted as support.
SHIB’s Position Below Moving Averages
SHIB is currently positioned below all three moving averages: the 20 Exponential Moving Average (EMA), the 50 EMA, and the 200 EMA. This puts bulls at a disadvantage and they will need to make more effort to push the price back above $0.00001.
Shiba Inu Burn Rate Increases
The Shiba Inu ecosystem has seen a significant increase in its token burn rate, with almost 9.4 billion tokens removed from circulation in the past 24 hours. This follows ongoing efforts to burn SHIB tokens, with an estimated value of 200 ETH burned in the previous month. Reducing the circulating supply is crucial for SHIB’s performance in the next bull run.
Hot Take: Shiba Inu’s Future
Despite the current challenges, there is growing anticipation for SHIB’s performance. Investors believe that as the circulating supply decreases, supply and demand dynamics will drive SHIB’s price towards the $1 milestone.
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