Decline in SHIB Price Despite 40% Increase in Token Burn Rate within 24 Hours

Decline in SHIB Price Despite 40% Increase in Token Burn Rate within 24 Hours


SHIB Price Shows Indications of Recovery, Eyeing Breakout to $0.00001

The price of SHIB has started to recover, similar to other digital currencies, as Bitcoin (BTC) regains support at $26,000. It has briefly reached $0.00000768, suggesting a positive trend outlook and the  capacity for a breakout to $0.00001. Nonetheless, the price has since entered a downtrend, seeking support at $0.00000750.

SHIB Price Struggles Amidst Increasing Shiba Inu (SHIB) Burn Rates

The Shiba Inu (SHIB) community’s token burn program has burned 410 trillion tokens out of a maximum supply of 999 trillion. In the past 24 hours, 56,273,115 tokens were burned, a 40% increase. Shiba Inu (SHIB) as of now has a total supply of 580 trillion tokens, with a circulating supply of the same amount.

READ NOW
CoinEx Resumes Withdrawals for Select Cryptocurrencies After Security Breach

Can SHIB Price Reverse the Trend?

Regardless of the launch of the Shibarium protocol, the SHIB price was not immune to the cryptocurrency sell-off in August. Growing issues with Shibarium after the mainnet launch likewise influenced the technical outlook. Nonetheless, the protocol’s growth is expected to benefit SHIB and other tokens in the ecological system. Traders should keep an eye on the Moving Average Intersection Divergence (MACD) indicator for a probable trend reversal.

READ NOW
Robert Kiyosaki, Rich Dad Poor Dad Author, Identifies Bitcoin, Gold, and Silver as “Great Deals” in Current Market Conditions, Cautions Against Impending Stock Market Decline

Hot Take: The success of the Shibarium protocol and the increasing burn rates of SHIB tokens could help SHIB price recover and potentially reach the target of $0.00001. Nonetheless, the market remains volatile, and investors should monitor the price closely.

Author – Contributor at | Website

Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.

READ NOW
Anticipating Kaspa (KAS) Price Movement: Expecting a Dip Following Record Peak
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend