SHIB Is Facing Threats That Could Lead to 20% Drop in Price -Breaking
- The current threats to (SHIB), are numerous.
- Overnight, the SHIB burn rate dropped 75%
- SHIB faces another threat from its currency reserves, which have plunged.
Shiba Inu Shiba (SHIB), is currently facing many threats. SHIB’s overnight burn rate dropped 75%. This is after SHIB burned was performing well in the first week.
In the 24 hours since midnight, approximately 34.72 SHIB coins were destroyed. 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.
SHIB faces another danger from the decline in its foreign exchange reserves. Investors now own approximately 1.02 trillion SHIB. This is about $10.6 Million. These tokens have all been pulled out of SHIB’s circulating supply.
SHIB could see an upward trend and potentially hit $1 trillion in SHIB coins on exchanges. This would increase selling pressure, leading to a decline in price.
SHIB’s support at the $0.0000095 level could play a crucial role in the price trend. Many analysts fear that SHIB may break the $0.0000095 level, and then drop by around 20%.
SHIB currently has a value of $0.00001014, after experiencing a drop in price by 3.57% over the past 24 hours. CoinMarketCap reported that SHIB saw a price drop of 6.64% over the seven-day period.
SHIB’s market cap currently stands at $5,564,712,360. CDoge Killer had a 24 trading volume of $232.21 millions, which represents a 19.12% rise over the day before.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. This article is not intended to be used as investment advice. CQ recommends that all users do their research on cryptocurrency before making any investment.