On Friday, the cryptocurrency market suffered significant losses due to a prolonged negative trend. Despite this, Shiba Inu (SHIB) was able to stand out from the market and recorded an increase. So what’s the secret?
Shiba Inu (SHIB) glowed green in red pool
The price of the dog-themed coin diverged from the market with the market red on Friday, rising 3.74% on a daily basis. The Shiba Inu is currently trading at $0.0000001007. According to statistics from CoinMarketCap, it leads the market in daily advances among the top 100 cryptocurrencies by market cap. The bears successfully pushed the Bitcoin (BTC) price below the $20,000 threshold. This significantly dampened the market’s recovery hopes.
Shiba Inu pioneers high-end crypto
According to CoinMarketCap data, the overall market cap of cryptocurrencies stands at $870 billion. Shiba Inu led the top cryptocurrencies with earnings between $1 and $4 in the same time frame.
On the other hand, 10% drop in Shiba Inu price on Friday created $1.44 million in SHIB futures liquidations on exchanges, according to Coinglass statistics. Despite showing strength in recent days, the Shiba Inu was at risk of incurring additional losses. cryptocoin.com As you follow, ShibsSwap’s Shib Inu burning portal rewards will be distributed. But even this indicates that the technical setup price increase will worsen, according to analysts.
SHIB total market cap of $5.45B on daily chart | Source: TradingViewThe developers created the SHIB burn portal to provide passive income to Shiba Inu token holders who burn their tokens. Benefits will be distributed in the form of RYOHI tokens, with 0.49% of all transactions going to SHIB holders. After the Shiba Inu burning portal was set up, a SHIB “BURN Pool” was created to provide incentives for meme coin burning.
Analysts see Shiba Inu in bull run
Meanwhile, the Shiba Inu weekly chart shows a 14.74% drop from the previous week. Also, with a market cap of $5.44 billion, the meme coin is currently one of the most popular cryptocurrencies on CoinMarketCap. SHIB is third on the trend list after STEPN (GMT).
On the other hand, FXStreet analysts predict that the Shiba Inu price trend is bullish. According to analysts, the price of the Shiba Inu has turned the $0.0000095 resistance level into a support level. Also, analysts are waiting for the meme coin to surpass the next $0.0000104 resistance level.
After hitting bottom on June 20, SHIB price started a massive uptrend. However, the rally ran into obstacles and caused a setback. After a short period of consolidation, SHIB bulls look ready for another rally.
