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Shiba Inu Coin Burn Rate Skyrockets 2611%
The recent surge in Shiba Inu Coin’s burn rate has caught the attention of crypto market participants, sparking discussions about a potential recovery for the meme coin.
According to Shibburn, a total of 14.91 million coins were incinerated in the last 24 hours, marking an increase of over 2611%.
A Recovery Ahead?
Despite the recent volatility in the broader cryptocurrency market, several market experts seem to have remained optimistic about Shiba Inu Coin’s performance due to the rocketing burn rate.
A recent analysis from CoinGape suggests that if bullish momentum continues, SHIB could reach resistance levels at $0.000016. With further momentum, the price could climb to $0.000017 and potentially $0.000018 in the coming days.
However, experts also caution that if bearish pressure mounts, SHIB could fall below the support level of $0.00001550 to $0.000015 and even $0.00001450. The crypto market’s unpredictable nature requires investors to stay vigilant and consider both bullish and bearish scenarios.
During writing, SHIB price was down over 3% from yesterday and exchanged hands at $0.00001539. Its trading volume rose 16% to $238.79 million. Besides, Shiba Inu Futures Open Interest (OI) fell 13% recently, reflecting a dominating bearish sentiment in the market.
Conclusion
The recent surge in Shiba Inu Coin’s burn rate has sent shockwaves through the crypto market, with many experts predicting a potential recovery for the meme coin. While the market is inherently unpredictable, the rocketing burn rate has sparked optimism among some market participants. As the crypto market continues to evolve, it will be essential for investors to stay informed and adapt to changing market conditions.
FAQs
Q: What is the current price of Shiba Inu Coin?
A: As of writing, SHIB price was down over 3% from yesterday and exchanged hands at $0.00001539.
Q: What is the current trading volume of Shiba Inu Coin?
A: The trading volume of SHIB rose 16% to $238.79 million in the last 24 hours.
Q: What is the current Open Interest (OI) of Shiba Inu Futures?
A: The Open Interest (OI) of Shiba Inu Futures fell 13% recently, reflecting a dominating bearish sentiment in the market.
Q: What are the potential resistance levels for Shiba Inu Coin?
A: According to a recent analysis from CoinGape, SHIB could reach resistance levels at $0.000016 if bullish momentum continues.
Q: What are the potential support levels for Shiba Inu Coin?
A: According to experts, SHIB could fall below the support level of $0.00001550 to $0.000015 and even $0.00001450 if bearish pressure mounts.
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