Shiba

2024

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In a dramatic turn of events for <a href="https://u.today/shiba-inu-next-massive-support-unveiled-as-shib-price-dips-9" rel="noopener noreferrer nofollow">Shiba Inu</a>, the dog-themed cryptocurrency has seen a remarkable 466% increase in weekly burns, yet its price has dropped by 22% over the same period.
According to the <a href="https://x.com/shibburn/status/1809165375147315475" rel="noopener noreferrer nofollow">Shibburn X</a> account, 364,382,742 SHIB tokens were burned in the last seven days, representing a 466.83% increase in the weekly burn rate.
<blockquote>
 HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> Price: $0.00001333 (1hr 2.53% ▲ | 24hr -13.26% ▼ )Market Cap: $7,846,500,195 (-13.49% ▼)Total Supply: 589,272,561,830,745TOKENS BURNTPast 24Hrs: 7,367,937 (-34.98% ▼)Past 7 Days: 364,382,742 (466.83% ▲)— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1809165375147315475?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 5, 2024</a>
</blockquote>
The 466% rise in burns indicates a concerted effort within the community to enhance the coin's scarcity in anticipation of a potential price boost.
However, the reality has been quite the opposite. Despite the aggressive burn rate, SHIB's price has tumbled, reflecting a 22% decrease over the past week. This price drop could be attributed to a variety of factors, including broader market conditions, investor sentiment and profit-taking activities by investors.
<h2 id="crypto-market-faces-volatility">Crypto market faces volatility</h2>
The cryptocurrency market has been experiencing increased volatility since the week's start, with many coins facing downward pressure.
<a href="https://u.today/bitcoin-price-reversal-key-indicators-and-what-else-to-look-for" rel="noopener noreferrer nofollow">Bitcoin</a> fell for the fourth straight trading session, part of a larger crypto sell-off that contrasted with recent record highs in global stock markets. Shiba Inu experienced higher losses, reaching 10%.
SHIB's price has steadily declined from July 3 highs on $0.0000173 and will mark the third consecutive day of losses if today closes in red. At the time of writing, SHIB was down 9.39% in the last 24 hours to $0.00001384 after hitting lows of $0.00001266. The token is down 22% weekly.
Investors are waiting for U.S. jobs statistics later Friday to get the latest hints on the Fed's policy stance. Recent soft economic indicators have boosted the case for the U.S. central bank to ease monetary policy in the coming months.

Shiba Inu Skyrockets 466% in Weekly Burns, Yet SHIB Price Drops 22%

Table of Contents

U_Today

Other articles published on Jul 5, 2024

Argo Blockchain Shared June’s Bitcoin Mining Update; What’s New?

BCH Price Reacted Negatively To Mt Gox Redemption, Can It Fall More?

Bitcoin Traders Sink Into ‘Fear’ As Price Crashes Below $58,000

Binance Celebrates 7 Years with “Be Binance” Campaign

Binance Launches “Be Binance” Campaign for 7th Anniversary Celebration

Samsung expects a 15-fold jump in profitability, thanks to AI

Join our free newsletter for daily crypto updates!