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Summary

The price of Shiba Inu (SHIB) has dropped by 14.48% to a three-month low amidst a surge in its burn rate. Despite challenges, SHIB maintains a solid market presence.

Introduction

Shiba Inu (SHIB) has experienced a significant price decrease and burn rate increase in the volatile crypto market. The recent downtrend in SHIB reflects broader market movements, impacting its price negatively.

Main Points

Despite recent declines, SHIB’s market cap remains strong at $10.73 billion. The coin’s price has fallen by 19% in the past week and 27% in the last month, currently trading at $0.00001823. Additionally, SHIB’s daily trading volume has risen by 156% to $596 million.

The burn rate of SHIB has skyrocketed by 12842%, with over 12 million SHIB tokens burned in the past 24 hours. While this increase offers some supply-side control, SHIB struggles to maintain key support levels, risking further losses.

Following a drop in Bitcoin’s price, SHIB faced increased volatility, with long liquidations reaching 22.81 million in the last 24 hours. This environment of risk aversion poses challenges for SHIB’s trading dynamics.

Conclusion

Shiba Inu (SHIB) is navigating market fluctuations with its price decline and burn rate surge. Despite setbacks, SHIB remains a notable player in the crypto space, poised to tackle ongoing challenges and potential recovery.

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