Shiba Inu (SHIB ($0.00)) has recently experienced a notable decline in price within the cryptocurrency market. On Monday, the drop in SHIB’s price raised concerns among investors. The decrease in price has drawn attention to this development. What lies behind SHIB’s recent decline?
Reasons for the Price Decline
The price drop of the SHIB token is attributed to several factors. The U.S. Federal Reserve’s tight monetary policy and the upcoming holiday season have caused fluctuations in the cryptocurrency market. Observations suggest that investors are distancing themselves from cryptocurrencies as they enter a holiday mindset. This situation has adversely affected the performance of other popular meme coins such as DOGE ($0.13) and PEPE ($0.00). Overall market uncertainty might have shaken investor confidence.
Shiba Inu has experienced a 90% decrease in its burn rate. With this rate, only 606 thousand tokens were burned. The drop in the burn rate indicates that the circulating supply has not significantly decreased. Additionally, according to Coinglass data, the open interest (OI) in SHIB futures has also significantly ...
24h Most Popular
Utilities