Shiba Inu (SHIB) is facing a variety of threats at the moment. One of these threats is the fact that the SHIB burn rate has dropped by 75% overnight. This comes after the SHIB burn was doing pretty well at the beginning of the week.
About 34.72 SHIB tokens were burned over the last 24 hours. At the moment, around 41% of SHIB’s circulating supply has already been burned. The fact that SHIB’s burn rate is decreasing is a problem as many believe it is a key driver of bullish sentiment in the ShibArmy.
Another threat for SHIB is the fact that its exchange reserves have plummeted. Investors have amassed around 1.02 trillion SHIB, which is worth about $10.6 million. These tokens have all been pulled out of SHIB’s circulating supply.
If SHIB were to see a trend reversal, there is a possibility that over $1 trillion SHIB coins will hit exchanges. This will then increase the selling pressure which will then lead to a drop in price.
SHIB’s support at the $0.0000095 level could play a crucial role in the price trend. Unfortunately, many analysts believe that SHIB could break this support level and then decline by about 20%.
At the moment, SHIB is worth $0.00001014 after a 3.57% drop in price over the last 24 hours. SHIB also saw a 6.64% price decrease over the last seven days, according to CoinMarketCap.
SHIB’s market cap currently stands at $5,564,712,360. The CDoge-killer also saw a 24-trading volume of $232.21 million, which is a 19.12% increase over the last day.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
Continue reading on CoinQuora
Source: Cryptocurrency - investing.com
