Shiba Inu (SHIB) Faces Unexpected Rebound Setback
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jul 03 2024- SHIB encounters difficulties: The Shiba Inu (SHIB) meme coin faces challenges in its expected rebound despite recent burning activities.
- Price decline: SHIB is currently trading at $0.00001659, showing a 2.9% decrease in the last 24 hours and a significant drop over the past month.
- Token burn surge: A notable spike of 8,596.57% in SHIB token burn occurred recently, removing over 17.7 million tokens from circulation, sparking hopes for a recovery.
- Positive outlook: Optimism surrounds SHIB's potential price increase due to increased scarcity from burning activities and proactive measures announced by Shiba Inu executive Lucie.
- Resilience and increased trading volume: Despite setbacks, SHIB has historically shown resilience, with past declines followed by recoveries; a 37% increase in 24-hour trading volume indicates renewed investor confidence.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
