{"id":10355,"date":"2024-09-30T09:31:33","date_gmt":"2024-09-30T09:31:33","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10355"},"modified":"2024-09-30T09:31:33","modified_gmt":"2024-09-30T09:31:33","slug":"3-bearish-shiba-inu-signals-as-the-shib-price-loses-momentum-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10355","title":{"rendered":"3 Bearish Shiba Inu Signals as the SHIB Price Loses Momentum: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

SHIB\u2019s price dropped amid decreased activity on its Shibarium network and lower large transaction volume.
\nOn the other hand, the burn rate surged by 3,600%, suggesting potential resurgence through increased scarcity.<\/p>\n

<\/a><\/span><\/h2>\n

A Step Back for SHIB<\/h2>\n

The popular meme coin Shiba Inu has performed quite well recently, registering a 40% price increase on a two-week scale. It reached a three-month high of $0.00002038 on September 28 before slightly retracing since then. <\/span>Currently,<\/span> it trades at around $0.00001861 (per CoiGecko\u2019s data), representing a 4% daily decline.<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

The latest retreat coincides with the stalled progress of the layer-2 scaling solution Shibarium. <\/span>Data <\/span>shows<\/span><\/a> that daily <\/span>transactions on the network<\/span>, new accounts, and new contracts have been on a downtrend since September 27.<\/span><\/p>\n

The next signal is the decline of large transaction volume (where each transaction exceeds $100,000). According to IntoTheBlock, the figure has <\/span>fallen<\/span><\/a> by over 50% in the past 24 hours and is currently less than $40 million.<\/span><\/p>\n

Last but not least, we will focus on Net Network Growth, a momentum signal that \u201cgives a pulse of the true growth of the token\u2019s underlying network.\u201d The metric is down 0.26% and <\/span>is currently positioned<\/span> in bearish territory.<\/span><\/p>\n

One Bullish Factor<\/span><\/h2>\n

Conversely, one major element hinting that the price of SHIB might head north again in the near term is the Shiba Inu burn rate, which has <\/span>skyrocketed<\/span><\/a> by approximately 3,600% in the past week, resulting in over 2 billion tokens sent to a null address.\u00a0<\/span><\/p>\n

The program\u2019s ultimate goal is to reduce the total circulating supply of SHIB, create scarcity, and potentially increase the value of the remaining tokens.<\/span><\/p>\n

This strategy relies on the basic economic principle that when <\/span>the<\/span> supply decreases while demand remains steady or rises, <\/span>it can result in an increase in<\/span> the asset\u2019s price.<\/span><\/p>\n

Since <\/span>the adoption of<\/span> the mechanism, the SHIB team and community have destroyed over 410 trillion tokens, leaving roughly 583.5 in circulation.<\/span><\/p>\n

For more updates on the ecosystem, check out our <\/span>Shibarium news<\/span><\/a>.<\/span><\/p>\n

<\/div>\n

The post 3 Bearish Shiba Inu Signals as the SHIB Price Loses Momentum: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR SHIB\u2019s price dropped amid decreased activity on its Shibarium network and lower large transaction volume. On the other hand, the burn rate surged by 3,600%, suggesting potential resurgence through increased scarcity. A Step Back for SHIB The popular meme coin Shiba Inu has performed quite well recently, registering a 40% price increase on a […]<\/p>\n","protected":false},"author":0,"featured_media":10356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10355"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10355"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10356"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}