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The crypto market witnessed a selloff as bullish sentiment regarding Donald Trump's inauguration faded. The global market cap tumbled over 3% to $3.52 trillion, with trading volume tanking 25% over the last 24 hours.
Shiba Inu fell below the crucial $0.00002 mark, which might be the worst moment for the asset this year. The meme token appears to be losing appeal as volatility slows down, which makes it less appealing to speculative investors.
Given that the asset is on the verge of marking a lower high, XRP's recent bullish rally is about to face a crucial turning point. This possible development may indicate that the current bull run is coming to an end, which will worry investors who have seen a notable upswing in the last few months.
Shiba Inu's lead developer, Shytoshi Kusama, has sparked discussions across the crypto space after responding to a critic on Twitter who claimed the token must hit $0.50 to regain their attention.
SHIB could soar by 20% to reach the $0.000025 level in the future.
Shiba Inu price tumbled towards $0.0000021 on Wednesday Jan 22, reflecting 15% losses on the weekly timeframe. On-chain data shows the recent market dip has coincided with a considerable decline in whale demand for SHIB, as newly-launched memes linked to Donald Trump drew investor attention.
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The short-term Shiba Inu (SHIB) burn rate has accelerated as the meme cryptocurrency faces increased price volatility.
Most of the cryptocurrencies have returned to the green zone; however, there are some exceptions to the rule, according to CoinStats.
Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are trending downwards as market participants closely monitor whale activity, burn rates and technical signals for the next big move. Cryptocurrency Price Market Cap 24-Hour Trend 7-Day Trend Dogecoin (CRYPTO: DOGE) $0.3669 $54.2 billion -6.7% +4.4% Shiba Inu (CRYPTO: SHIB) $0.00002061 $12.1 billion -2.5% -2.2% Pepe (CRYPTO: PEPE) $0.00001594 $6.7 billion +1.5% -6.2% Trader Notes: Crypto analyst Ali Martinez remains optimistic about Dogecoin's potential for further upside.
The Shiba Inu community celebrated a 600% surge in its burn rate, fueling optimism for price appreciation.
The inauguration of President Donald Trump has had an impact on the crypto market, revived investors' interest, and boosted the crypto community. Ripple (XRP) is now close to reaching the $4 goal after crossing $3. Meanwhile, Shiba Inu (SHIB) has been on a downtrend, forcing investors to look for other opportunities.
Data shared by the popular crypto tracking service Shibburn reveals that during the past 24 hours, the Shiba Inu community has disposed of a large number of meme coins, pushing the burn rate up four digits.
In what comes as a bullish market event, the Shiba Inu burn rate skyrocketed 600% on Wednesday, sparking immense optimism among traders amid a broader sector recovery. Recent burn data indicated that over 3 million tokens were taken out of the meme coin's circulating supply.
The cryptocurrency market has been showing signs of revival, but not without some challenges. Shiba Inu (SHIB) has been facing strong resistance as it struggles to hold onto key support levels.
Shiba Inu (SHIB), the popular and second-largest crypto meme coin, is poised for a price surge as it has formed a bullish price action pattern on its four-hour time frame.
Check out why SHIB bulls may have a reason to celebrate soon.
Shiba Inu is attracting attention as experts anticipate significant market shifts after a phase of accumulation. Meanwhile, a lesser-known cryptocurrency is stirring excitement with its potential for massive returns, projected to achieve a staggering 15,000% increase.
Shiba Inu price sat at a crucial support level on Tuesday as a sense of calmness remained following Donald Trump's inauguration. Can SHIB escape this state of calmness and trigger a massive rally that could push it to 100x from the current level?
While the last few days on the cryptocurrency market have been more of a roller coaster ride than a financial one, there is still something stable to look at.
Shiba Inu (SHIB) has been under selling pressure in the last 24 hours, as has the cryptocurrency market. A bearish technical pattern known as a "death cross" has recently emerged on Shiba Inu's hourly charts, signaling potential further declines amid the ongoing market sell-off.
The crypto ecosystem is giving up its accrued gains, with Shiba Inu (SHIB) also dragged into the mix. At writing time, SHIB bears are apparently in takeover mode, pushing the token down toward its crucial support level.
While the rest of the cryptocurrency market is rising, Shiba Inu has taken an unexpectedly bearish turn, underperforming and breaking below important support levels. This divergence casts doubt on the asset's future prospects and investor mood.
Mark Cuban recognizes the community-driven success of SHIB, while its developer underscores the token's commitment to long-term value creation.
