- The drop in prices of Shiba Inu continues, with a drop of 10.83% in the last 24 hours.
- The shib burning rate jumped 800%, which could point out a future price recovery.
- A broader collapse of the market weighs on the prospects of SHIB before the FOMC meeting.
Shiba Inu ($ SHIB) is currently faced with a difficult market environment, with its 10.83% price in the last 24 hours. The live price of the token stands $ 0,000018And its 24 -hour negotiation volume is $ 510.66 million.
Despite the slowdown, an interesting development has drawn the attention of investors: a significant increase in the Shiba Inu burns. On Monday, the burning rate jumped 800%, with more than 6 million tokens withdrawn from traffic.
Analyst vision: Critical support area for SHIB
According to analyst Ali Martinez, the fork Between $ 0.0000185 and $ 0.0000212 is crucial for Shiba Inu. Martinez stressed that this area represents the most critical level of support for the token.
If Salogner manages to hold above this beach, it could point out a potential recovery. However, if the price breaks below this support area, more downwards could be in the cards. Current market conditions, in particular the broader decrease in the market of the cryptocurrency, add to the uncertainty surrounding the short-term SHIB perspectives.
Overvoltage of the burning rate adds to market speculation
Despite the drop in current prices, the Shiba Inu burns rate drew the attention of investors. On Monday, the burning rate soaked 800%, because more than 6 million tokens were permanently removed from traffic. This action reduces the offer of the token, which can increase its value if demand remains stable.
Investors speculate that this increase In the burning rate, could report a potential recovery in prices in the future. The law of supply and demand suggests that a reduction in the SHIB supply could lead to the upward movement of prices if the request follows suit.
A broader collapse of the market weighs the feeling of the room even
However, optimism surrounding the burning speed of Shiba Inu is tempered by the broader feeling of the market. The cryptocurrency market as a whole experiences a slowdown, with many tokens, including Shib, faced with price reductions.
This crisis on a market scale is occurring Just before the meeting of the Federal Open Market Committee (FOMC) program For January 29. Investors adopt a cautious position, uncertain in the way in which the macroeconomic developments to come could have an impact on risks of risks as well as parts even.