The Shiba Inu Rollercoaster: A Dive into the Meme Coinโs Price Plunge
In a thrilling turn of events, Shiba Inu, the self-proclaimed Dogecoin killer, has sent shockwaves through the crypto market with a significant drop in its price. This sudden plunge has sparked speculation and concern among traders and investors worldwide. Alongside this price decline, there has also been a decrease in the burn rate of SHIB tokens, painting a bearish picture for this meme coin.
Examining the Shiba Inu Burn Rate
Insights from Shibburn, a burn tracker for Shiba Inu, reveal that despite the community burning over 339 million tokens in the past week, there has been a 58.96% dip in SHIBโs weekly burn rate. This decline aligns with the coinโs price drop of 7.60%. Interestingly, reports suggest that the community is still burning substantial amounts of SHIB tokens, despite the bearish market sentiment.
However, within the past 24 hours, there has been a surge of approximately 100% in the burn rate, with 33 million coins incinerated. Despite this increase, the broader market remains bearish on Shiba Inu as bears continue to dominate.
Shiba Inu Price Takes a Hit
Currently trading at $0.00002715 with a marginal drop of 0.06% over the past 24 hours, Shiba Inuโs price is on shaky ground. While there seems to be some upward momentum due to the recent burn upswing, market dynamics are fueling speculations about further declines for SHIB.
Looking at the overall trend for SHIB in the market, coupled with a weekly drop of nearly 7%, it appears that the meme coin may face further falls. Derivatives data shows a 1.61% decrease in SHIBโs open interest and a 4.41% drop in volume. These numbers suggest a decrease in new investments and market activity, contributing to the bearish sentiment surrounding Shiba Inu.
Furthermore, the OI-weighted funding rate has also fallen to $0.0198%, indicating a significant decline in investor sentiment towards long positions on SHIB.
Although the RSI hovers around 53, signaling neither an overbought nor an oversold region for the token, the downtrend observed in the past week, combined with the decrease in open interest and volume, raises concerns about potential price declines. The weakening market momentum following the meme coin rally further supports this notion.
Hot Take: Shiba Inuโs Future Hangs in the Balance
The recent price plunge and decrease in burn rate have put Shiba Inuโs future at stake. As traders and investors eagerly watch for any signs of recovery or further declines, it is crucial to keep an eye on market dynamics and investor sentiment towards this meme coin.
Will Shiba Inu be able to regain its bullish momentum and rally once again? Or will it succumb to the bearish pressure and continue its downward trajectory? Only time will tell.
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