The global cryptocurrency market is down by 1.23% over the last 24hrs and is now positioned at $1.28 trillion. The main driver for such a bearish pull is Bitcoin which has yet again lost its $30,000 level trading around the $29,000 level.
Among such losers is Shiba Inu whose price has now dropped by 0.73% over the last 24hrs trading at $0.00001211.
Shiba Inu Follows Bitcoin Price
Shiba Inu had a quite calm weekend but with Bitcoin dropping below $30,000, the meme currency too has plunged again. After the data from China showed that the current lockdown has hit the economy filtering into negative global growth, many investors have pulled out of their investments. This action suggests that even cryptocurrencies are not in the good condition.
The normal Shiba Inu rally should have raised up to $0.00001708, but the doge-killer has failed to even maintain its price action above $0.00001209. However, the price declined below $0.00000965 before finding some bull run. Once SHIB price breaks below this level, the price will bottom at $0.00000655.
Yet there is a narrow chance for the Shiba Inu price to see the monthly support level at $0.00001122 could ignite a bullish trend along with the Relative Strength Index (RSI), which has not yet been seen an oversold area.
450 million Shiba Inu Tokens Burnt
On the other hand, the Shibburn crypto tracker announced via Twitter that the last 24hrs have been a productive time for Shiba Inu with Shib burn initiatives within the community.
During the last 24hrs, 449,981,701 SHIB tokens have been transferred to dead wallets getting locked forever and this happened with 29 transactions.
This burn even was held especially for the crypto fans so that they could decrease the circulating supply of their coins and get locked in dead wallets making the SHIB tokens more scarce.
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Source: https://coinpedia.org/altcoin/amidst-450-million-tokens-being-burnt-shib-price-is-expected-to-decline/