{"id":17118,"date":"2024-11-01T09:04:27","date_gmt":"2024-11-01T09:04:27","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17118"},"modified":"2024-11-01T09:04:27","modified_gmt":"2024-11-01T09:04:27","slug":"shiba-inu-shib-price-plunges-7-daily-further-pullback-or-recovery-coming-next","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17118","title":{"rendered":"Shiba Inu (SHIB) Price Plunges 7% Daily: Further Pullback or Recovery Coming Next?"},"content":{"rendered":"

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

A major increase in Shiba Inu\u2019s burn rate and rising transactions on Shibarium hint at potential upward price movement for the meme coin.<\/span>
\nOne analyst notes a bullish flag pattern, suggesting SHIB could gain up to 90% if it clears $0.00001884.<\/p>\n

<\/a><\/p>\n

The Next Potential Direction for SHIB<\/h2>\n

The cryptocurrency sector witnessed a substantial pullback in the past 24 hours, with its global market capitalization <\/span>plummeting<\/span><\/a> by over $100 billion. Bitcoin (BTC), which traded above $72,500 on October 31, is now worth approximately $69,000, whereas Ethereum (ETH) dipped below $2.5K.\u00a0<\/span><\/p>\n

The popular meme coin Shiba Inu (SHIB) is also among the biggest losers. Its price fell by 7% <\/span>on a daily scale<\/span>, while its market cap tumbled back to $10 billion.
\n<\/span><\/p>\n

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

The current situation in the meme coin realm is not looking great, with Dogecoin (DOGE), <\/span>dogwifhat<\/span> (WIF), and many others crashing by double digits. This negative trend might result in further downward pressure on SHIB\u2019s price in the short term.\u00a0<\/span><\/p>\n

However, two <\/span>important<\/span> factors suggest that the asset\u2019s valuation may head north soon. The first is the SHIB burn rate, which has <\/span>skyrocketed<\/span><\/a> by <\/span>a whopping<\/span> 252,900% in the last 24 hours, resulting in more than 5.6 billion tokens sent to a null address. <\/span>Calculated at current rates<\/span>, the destroyed stash equals approximately $100,000.<\/span><\/p>\n

It is worth noting that the cat-themed meme coin project Shiro Neko burned almost 100% of the <\/span>aforementioned amount<\/span>. Shiba Inu\u2019s team\u00a0acknowledged the initiative, <\/span>describing<\/span><\/a> it as \u201ca historic moment for our community.\u201d<\/span><\/p>\n

Burning SHIB tokens reduces the meme coin\u2019s circulating supply. <\/span>This<\/span> leads to scarcity and could potentially boost its price (assuming demand doesn\u2019t decline).\u00a0<\/span><\/p>\n

The second bullish element is the resurgence of Shiba Inu\u2019s layer-2 scaling solution \u2013 Shibarium. Data <\/span>shows<\/span><\/a> that transactions processed on the protocol on October 31 reached almost 4 million (a 130% increase compared to the figure observed the day before). For more updates on the ecosystem, check out our\u00a0Shibarium news page<\/a>.<\/span><\/p>\n

This revival signifies robust network engagement, which can positively influence SHIB\u2019s price through increased utility and improved market sentiment.\u00a0<\/span><\/p>\n

90% Rally Incoming?<\/span><\/h2>\n

One<\/span> industry participant focusing on SHIB\u2019s future movements <\/span>is the X user Clifton Fx<\/span>.<\/span> The analyst noted the emergence of a \u201cbullish flag formation\u201d on the asset\u2019s three-day price chart, speculating that the valuation could skyrocket by nearly 90% if it reclaims $0.00001884.<\/span><\/p>\n

$SHIB<\/a> (Update)<\/p>\n

Bullish Flag Formation in 3d Timeframe\u2026<\/p>\n

In Case of Upside Breakout We Can See a 80 \u2013 90% Bullish Rally#SHIBUSDT<\/a> #SHIB<\/a> #Crypto<\/a> pic.twitter.com\/aELvv9eNc0<\/a><\/p>\n

\u2014 Clifton Fx (@clifton_ideas) October 31, 2024<\/a><\/p>\n\n

SHIB currently trades at around $0.0000173 (per CoinGecko\u2019s data), meaning it needs to advance by 9% to reach the depicted target.\u00a0<\/span><\/p>\n

The post Shiba Inu (SHIB) Price Plunges 7% Daily: Further Pullback or Recovery Coming Next?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR A major increase in Shiba Inu\u2019s burn rate and rising transactions on Shibarium hint at potential upward price movement for the meme coin. One analyst notes a bullish flag pattern, suggesting SHIB could gain up to 90% if it clears $0.00001884. The Next Potential Direction for SHIB The cryptocurrency sector witnessed a substantial pullback […]<\/p>\n","protected":false},"author":0,"featured_media":17119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17118","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\/17118"}],"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=17118"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17119"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}