Shiba Inu (SHIB )’s burning rate increased by 800 %in one day. However, this strong movement was not enough to stop the decline in Shıb price. Investors are now wondering if the price will recover.
Shiba Inu burning rate experienced an explosion
According to Shibburn data, Shiba Inu’s burning rate increased by 856 %in the last 24 hours. A total of 6.27 million SHIB tokens were removed from the circulation. This burning process can contribute theoretically to the rise of price by permanently reducing supply. However, the current market conditions seem to frustrate this expectation. Investors carefully follow the price of the price in line with the balance of supply and demand.
The crypto money market continues to fluctuate before the upcoming January 29 FOMC meeting. The breast coin market also received its share of this overall decline. Shıb lost 11 %in the last 24 hours and fell to $ 0.00001773. In this process, large liquidations took place throughout the market and investors are cautious about risky assets. Big sales create an atmosphere of uncertainty throughout the market and shake the trust of investors. However, some analysts say that such decreases offer long -term purchase opportunities.
Where is the critical support level for Shıb?
Crypto analyst Ali Martinez says that the most critical support level for Shıb is between 0.0000185 and $ 0,0000212. However, the current price is watching under this range.
This creates uncertainty among investors. However, the latest analysis reveals that large investors have accumulated 30 trillion Shib Tokens. This can be a long -term rise signal. In addition, the interest of whales to Shıb may positively affect price movements. When the pressure on the market is alleviated, Shıb can be expected to recover.
Shiba Inu Ecosystem continues to strengthen
Lucie, the marketing leader of Shiba Inu, reassured the community on the X platform. “Shib ecosystem is still being built strongly,” he said.
This statement gave morale to investors. There are signs that the ecosystem is preparing for new developments. For this reason, market participants closely follow what Shıb will follow in the future. Developers continue to work to make the ecosystem more robust with new projects and integrations. If these projects are successfully implemented, it may have positive effects on Shıb’s price.
