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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.
SHIB encounters difficulties
As of this writing, SHIB is trading at $0.00001659, demonstrating a decrease of 2.9% in the last 24 hours, per data from CoinMarketCap. SHIB has been experiencing a notable drop in its price over the past month. .
Tomiwabold OlajideAfter 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.
Despite this, Shiba Inu has seen a visible jump in its burn rate, a metric that depicts the tokens sent to inactive wallets. As disclosed 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.
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 announcement 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.
What's next for SHIB
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 strategic partnerships, technological advancements, and increased adoption.
Gamza KhanzadaevSurprisingly, SHIB’s 24-hour trading volume increased by 37%, suggesting renewed confidence from investors.
Alex Dovbnya
Gamza Khanzadaev
Tomiwabold Olajide
