Shiba Inu price, a prominent meme coin, has recently witnessed a substantial 41% increase in its value over the past month, marking a robust bullish trend. This surge has contributed to an overall growth of 195% in the past year, boosting confidence among investors. Despite these gains, the market has recently shown signs of a slight correction. Let’s delve into the factors influencing Shiba Inu’s price fluctuations.
What’s Behind the Recent Shiba Inu Price Changes?
Today, the crypto market witnessed a broad sell-off, causing significant price drops across all major cryptos. This downturn also led to a notable decline in Shiba Inu’s value. Factors such as heightened market volatility, strategic institutional actions, and traders taking profits contributed to this trend.
A wave of liquidations proved especially challenging for long-position holders. The market cap fell by 2%, settling at $3.2 trillion. Bitcoin also saw a reduction, with its price dropping to $93,000.
The Shiba Inu price has recently experienced notable fluctuations, primarily driven by significant changes in token-burning activities. In the past 24 hours, the amount of SHIB tokens burnt has decreased by 75.41%, totaling 1,442,783 tokens. This sharp reduction in burning activity has contributed to the changes in SHIB’s market price.
HOURLY SHIB UPDATE$SHIB Price: $0.00002433 (1hr 0.18% ▲ | 24hr -6.88% ▼ )
Market Cap: $14,375,888,019 (-6.75% ▼)
Total Supply: 589,261,980,763,504TOKENS BURNT
Past 24Hrs: 1,442,783 (-75.41% ▼)
Past 7 Days: 202,273,255 (262.14% ▲)— Shibburn (@shibburn) November 26, 2024
Recent fluctuations in the price of Shiba Inu have caught the attention of many investors. This change is linked to similar declines in other meme 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 experienced a 7% decline at $0.0000239 over the past 24-hour period.
If the Shiba Inu price prediction fails to breach its current resistance, it could fall back to $0.000023. A downturn in overall market sentiment might push its value down further to $0.00002 or even lower to $0.000019, marking a challenging phase for the digital asset.
The technical indicators for SHIB suggest a period of price consolidation with potential downside risk. The Moving Average Convergence Divergence (MACD) indicates a bearish crossover as the signal line overtakes the MACD line, pointing to possible continued selling pressure. The Awesome Oscillator (AO) shows red bars, suggesting bearish momentum could be building.
Despite recent volatility, Shiba Inu’s price trajectory remains uncertain. If the bearish trends in meme coins and broader market pressures continue, SHIB may face further declines, testing new support levels amidst fluctuating trading volumes and investor sentiment.
Frequently Asked Questions (FAQs)
Market volatility, investor sentiment, and token-burning rates are key influencers.
While possible, reaching 1 cent would require substantial market cap growth and reduction in supply.
Token burning reduces supply, potentially increasing price if demand remains constant or rises.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/whats-behind-the-recent-shiba-inu-price-changes/
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