shiba Inu faces Price Dip Amid Market Uncertainty
Shiba Inu (SHIB) has seen its price drop over the past few days. It fell to $0.00001270, losing 20% from its peak last week. This decline mirrors the broader market’s struggles.
Stocks and crypto markets are feeling the heat.US stocks took a hit on Friday, with major indices like the Dow Jones and S&P 500 dropping over 2%.The crypto market followed suit. Bitcoin (BTC) slid from nearly $89,000 to below $82,000. The total crypto market cap is now at $2.7 trillion.
Despite these challenges, Shiba inu’s burn rate has risen. In the last 24 hours, it increased by 30% to 2.01 million tokens. this brings the total burned tokens to over 410 trillion. Token burning reduces supply, potentially boosting value. Some users voluntarily burn tokens,while others are burned as network fees.
Shibarium’s total value locked has also risen by 24% in the last month, reaching $2.5 million. ShibaSwap’s TVL jumped by 37%,while WoofSwap and ChewySwap saw increases of 31% and 20%,respectively.
looking at the SHIB price chart, the coin has been under pressure since November. It fell from $0.00003345 to $0.00001268. it’s currently below key moving averages, indicating bearish sentiment. However,it’s still above a crucial support level at $0.00001235.
A falling wedge pattern on the daily chart suggests a potential bounce. if SHIB breaks above $0.00001560, it could see more gains.The next target would be $0.00002215. A drop below $0.000010 would signal a bearish outlook.
