Shiba

Bitcoin

Shiba Inu

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p dir="ltr">Shiba Inu (SHIB) is on a bearish trend as the slip in the broader market has made it falter in its rebound moves. This trend is unexpected as Shiba Inu started the month on a positive note with analysts projecting a rally better than June’s.</p>
<h2 id="shib-encounters-difficulties">SHIB encounters difficulties</h2>
<p dir="ltr">As of this writing, SHIB is trading at $0.00001659, demonstrating a decrease of 2.9% in the last 24 hours,&nbsp;<a href="https://coinmarketcap.com/currencies/shiba-inu/">per</a> data from CoinMarketCap. SHIB has been experiencing a notable drop in its price over the past month. .&nbsp;</p>
<p dir="ltr">After reaching its best price of $ 0.00004501 for this year, the token recorded an unexpected decline. This influenced the volatility of the asset in the broader crypto market. According to an earlier report from U.today, SHIB lagged behind its top rivals. This is because about it has more than 50% of its holders in losses.&nbsp;</p>
<p dir="ltr">Despite this, Shiba Inu has seen a visible jump in its burn rate, a metric that depicts the tokens sent to inactive wallets. As&nbsp;<a href="https://u.today/shiba-inu-shib-skyrockets-8596-in-major-metric-heres-why">disclosed</a> earlier, this metric soared by 8,596.57% within the last 24 hours. Following this surge, about 17.7 million Shiba Inu tokens were removed from circulation overnight.</p>
<p>Analysts take center on the fact that burn activity creates scarcity for the token. As a result, the price is anticipated to surge if demand remains the same or grows. The anticipation of rebound in the price is also fueled by a recent&nbsp;<a href="https://u.today/shiba-inu-alert-crucial-message-passed-to-shib-community">announcement</a> from Shiba Inu’s executive Lucie. According to the SHIB insider, there are initiatives underway to promote user experience. This include the rebrand of SHEB.</p>
<h2 id="what-s-next-for-shib">What's next for SHIB</h2>
<p dir="ltr">Irrespective of the current price action, Shiba Inu technically finds its way back on a positive growth path. Past declines have often been followed by substantial recoveries, driven by&nbsp;<a href="https://u.today/shiba-inu-xrp-to-expand-global-reach-to-190-countries-via-this-partnership">strategic partnerships</a>, technological advancements, and increased adoption.</p>
<p dir="ltr">Surprisingly, SHIB’s 24-hour trading volume increased by 37%, suggesting renewed confidence from investors.</p>

Shiba Inu (SHIB) Faces Unexpected Rebound Setback

Table of Contents

U_Today

Other articles published on Jul 3, 2024

Is Bitcoin Stuck in A Sideways Market? Key Conditions for a Major Price Surge

Kaspa And Mpeppe (MPEPE) Go Head To Head To See Who Will Make More Millionaires

Biden-Inspired 'Jeo Boden' Meme Coin May Become 'First Popular Meme To Die' After 95% Drop From I...

Solana (SOL) Skyrockets 84% in Volume - What's Happening?

Why is Bitcoin Down Today?

From Wallet to Wealth: OKX’s Latest Move with Avantis DEX Could Multiply Your Crypto

Join our free newsletter for daily crypto updates!