Shiba Inu (SHIB) Shines Green In Pool Of Crimson – Who’s Buying?
July 01 2022 - 7:06AM
NEWSBTC
On Friday, the price of Shiba Inu (SHIB) increased, despite the
fact that the rest of the cryptocurrency market is suffering
significant losses because of a prolonged unfavorable trend.
Apparently, the dog-themed coin’s price has risen 3.74 percent
in the last 24 hours and is presently trading at $0.0000001026,
leading the market in daily advances among the top 100
cryptocurrencies by market capitalization, according to statistics
from CoinMarketCap. Bears have successfully knocked the price of
Bitcoin (BTC) below the $20,000 threshold, diminishing market
recovery hopes. Suggested Reading | Bitcoin Slides Under $20K –
Another Collapse In The Offing? Shiba Inu Leads Top-Cap Cryptos
Based on data from CoinMarketCap, the overall market capitalization
of cryptocurrencies was $864 billion after falling 4% in the
preceding 24 hours. Shiba Inu led the top-cap cryptos with gains
between $1 and 4% over the same time frame. According to Coinglass
statistics, the 10% drop in Shiba Inu price on Friday generated
$1.44 million in SHIB futures liquidations across exchanges.
Despite exhibiting strength in recent days, Shiba Inu was at risk
of incurring additional losses. Even with the revelation of
ShibsSwap’s Shib Inu burn portal rewards, the technical setup
indicates that price growth will deteriorate. SHIB total market cap
at $5.45 billion on the daily chart | Source: TradingView.com The
SHIB burn portal was created to provide passive income to SHIB
token holders who burn their tokens. The benefits would be
distributed in the form of RYOHI tokens, with 0.49 percent of all
transactions going to SHIB holders. After the establishment of the
Shiba Inu burn portal, a SHIB “BURN Pool” was formed to provide
incentives for the meme token’s burning. Suggested Reading
| Ethereum (ETH) Hammered Down To $950 As Crypto Selloff
Deepens Analysts See Shiba Inu In A Bull Run Meanwhile, the SHIB
weekly chart displays a rise of 4.15 percent compared to the
previous week. Moreover, the meme currency, with a market cap of
$5.44 billion, is currently one of the most popular coins on
CoinMarketCap, second only to STEPN (GMT). In related news,
FXStreet analysts predict that the Shiba Inu price trend is
bullish. Shiba Inu’s price turned a resistance level of $0.0000095
into a support level, and analysts anticipate the meme coin to
surpass the next resistance level of $0.0000104, according to
FXStreet. After bottoming out on June 20, the SHIB price began a
tremendous rise. However, the rally encountered obstacles,
resulting in a regression. After a brief consolidation period, SHIB
bulls appear prepared for another rally. Featured image from
Coinquora, chart from TradingView.com
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