Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

SHIB Is Facing Threats That Could Lead to 20% Drop in Price

Cryptocurrency Jun 11, 2022 08:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
SHIB Is Facing Threats That Could Lead to 20% Drop in Price

  • Shiba Inu (SHIB) is facing a variety of threats at the moment.
  • The SHIB burn rate has dropped by 75% overnight.
  • Another threat to SHIB is that its exchange reserves have plummeted.

Shiba Inu (SHIB) is facing a variety of threats at the moment. One of these threats is the fact that the SHIB burn rate has dropped by 75% overnight. This comes after the SHIB burn was doing pretty well at the beginning of the week.

About 34.72 SHIB tokens were burned over the last 24 hours. 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.

Another threat for SHIB is the fact that its exchange reserves have plummeted. Investors have amassed around 1.02 trillion SHIB, which is worth about $10.6 million. These tokens have all been pulled out of SHIB’s circulating supply.

If SHIB were to see a trend reversal, there is a possibility that over $1 trillion SHIB coins will hit exchanges. This will then increase the selling pressure which will then lead to a drop in price.

SHIB’s support at the $0.0000095 level could play a crucial role in the price trend. Unfortunately, many analysts believe that SHIB could break this support level and then decline by about 20%.

At the moment, SHIB is worth $0.00001014 after a 3.57% drop in price over the last 24 hours. SHIB also saw a 6.64% price decrease over the last seven days, according to CoinMarketCap.

SHIB’s market cap currently stands at $5,564,712,360. The CDoge-killer also saw a 24-trading volume of $232.21 million, which is a 19.12% increase over the last day.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

Continue reading on CoinQuora

SHIB Is Facing Threats That Could Lead to 20% Drop in Price
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
CTCS INSTITUTO
CTCS INSTITUTO Jun 11, 2022 6:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
0.01
JR Pierce
JR Pierce Jun 11, 2022 12:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
let me summarize Shib Scam is done.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email