Over the past 24 hours, Shiba Inu Coin has experienced a steep drop of 4.53%, mirroring the overall market’s downward trend, with meme coins losing an average of 3.7%. Interestingly, the destruction rate of Shiba Inu Coin has soared by nearly 4,000%, attracting widespread attention.
While today’s setback slightly overshadows Dogecoin’s impressive 15.75% gain since Friday, it is in line with the positive trend of other altcoins.
Despite recent progress, Shiba Inu Coin still needs to recover from its 27.09% loss over the past month. However, it still maintained a stunning year-over-year gain of 99.82%.
These dramatic market changes reignited traders’ interest in Shiba Inu Coin, with its trading volume surging by 22.09% in one day to $234.64 million.
Shiba Inu Coin Price Bounces Off Key Support – A Rally Is Coming?
A closer look at the Shiba Inu Coin price chart shows that there is some upside potential in the short term.
Most importantly, Shiba Inu coin price appears to have successfully retested the $0.00001594 support level significantly. This shows the resilience of Shiba Inu coin, which remains stable within the consolidation range. Over the past 5 days, Shiba Inu Coin price has fluctuated between the $0.00001701 support and $0.00001574 resistance.
Notably, Shiba Inu Coin’s Relative Strength Index (purple) is currently in the oversold territory of 30. Therefore, a correction in price back to more neutral territory is expected - as is common during periods of consolidation.
While these indicators provide a good precedent for near-term price action, it's the broader trends that will provide the best insight into where prices are headed. Notably, the 200-day moving average (blue) appears to be aligned with the 30-day moving average (yellow) in its sideways trend. This is noteworthy as it represents a cooling off of the negative price action of the past few weeks.
This new stability may be attributed to the destruction of more than 71.18 million coins in the past 24 hours, with the burn rate soaring by 3988.31% according to tracker Shibburn.
This is important because it increases the scarcity of Shiba Inu coins, potentially reflecting an increase in price as the coin becomes more valuable. Therefore, this lays a good foundation for the future market dynamics of meme coins.
Additionally, rumors about a Shiba Inu Coin spot exchange-traded fund (ETF) have also increased interest in Shiba Inu Coin.
New SHIB Token May Rise
Despite these factors, they do not set any substantial precedent for Shiba Inu Coin in the short term. Therefore, it’s understandable that traders are turning to newer, more promising opportunities. Enter BaseDoge, the latest Shiba Inu coin-inspired meme coin whose cross-chain capabilities hint at the future utility of meme coins.
Shiba Inu Coin quickly gained popularity through virality and community-driven promotion, becoming a favorite among meme coin investors. Support from influential figures helped it move from obscurity to prominence.
In contrast, Base Dawgz redefines community participation through its innovative share earning system. This strategy, which puts community members at the heart of Base Dawgz’s promotion efforts, has driven its recent success, with its pre-sale raising over £2.4 million to date.
By sharing $DAWGZ-related content on social media, users can earn points and redeem them for rewards. This incentivizes active participation, creating a self-sustaining cycle of growth and engagement.
With the pre-sale price temporarily fixed at $0.0082596, those who act quickly will benefit the most. Investors are currently receiving an impressive annual yield (APY) of 1913%.
This provides an attractive prospect for those looking to maximize their investments, even amid a broader market correction.
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Original article: https://cn.cryptonews.com/news/shib-burn-rate-skyrockets-4000-what-does-this-mean-for-shiba-inus-price.htm
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