The price of Shiba Inu, a prominent meme coin, recently saw a substantial 41% increase in value over the past month, marking a solid uptrend. This surge has contributed to overall growth of 195% over the past year, boosting investor confidence. Despite these gains, the market has recently shown signs of a slight correction. Let’s look at the factors that influence Shiba Inu price fluctuations.
What’s behind the recent Shiba Inu price changes?
Today, the crypto market witnessed a massive sell-off, leading to significant price drops across all major cryptocurrencies. This downturn has also led to a notable drop in the value of the Shiba Inu. Factors such as increased market volatility, strategic institutional actions, and trader profits have contributed to this trend.
A wave of liquidations proved particularly difficult for holders of long positions. Market capitalization fell 2% to $3.2 trillion. Bitcoin also saw a decline, with its price falling to $93,000.
The Shiba Inu price has seen notable fluctuations recently, mainly due to significant changes in token burning activities. Over the past 24 hours, the number of SHIB tokens burned decreased by 75.41%, totaling 1,442,783 tokens. This sharp reduction in burning activity contributed to variations in the market price of SHIB.
SHIB SCHEDULE UPDATE$SHIB Price: $0.00002433 (1h 0.18% ▲ | 24h -6.88% ▼)
Market capitalization: $14,375,888,019 (-6.75% ▼)
Total supply: 589 261 980 763 504BURNED TOKENS
Last 24 hours: 1,442,783 (-75.41% ▼)
Last 7 days: 202,273,255 (262.14% ▲)-Shibburn (@shibburn) November 26, 2024
The recent Shiba Inu price fluctuations have attracted the attention of many investors. This change is linked to similar declines in other coins like Dogecoin, WIF and PEPE. These correlations have sparked discussions about the broader impacts on the meme coin market.
Will SHIB price rebound or fall?
THE SHIB Price saw a 7% decline to $0.0000239 in the last 24 hours.
If the Shiba Inu Price Prediction fails to break through its current resistance, it could fall back to $0.000023. A slowdown in overall market sentiment could push its value further down to $0.00002 or even $0.000019, marking a difficult phase for the digital asset.
SHIB’s technical indicators suggest a period of price consolidation with potential downside risk. Moving Average Convergence Divergence (MACD) indicates a bearish crossover when the signal line crosses above the MACD line, indicating possible continued selling pressure. The Awesome Oscillator (AO) is showing red bars, suggesting bearish momentum may be developing.
Despite recent volatility, the Shiba Inu price trajectory remains uncertain. If meme coin bearish trends and broader market pressures continue, SHIB could face further declines, testing new support levels amid fluctuations in trading volumes and investor sentiment.
Frequently Asked Questions (FAQ)
Market volatility, investor sentiment, and token usage rates are key influencing factors.
While possible, reaching 1 cent would require substantial growth in market capitalization and a reduction in supply.
Burning tokens reduces supply, which can increase prices if demand remains constant or increases.
Quince stick
CoinGape includes an experienced team of native content writers and editors working around the clock to cover global news and present news as fact rather than opinion. CoinGape writers and journalists contributed to this article.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
✓ Share: