Cryptocurrency Market Instability and Shiba Inu’s Performance
The cryptocurrency landscape is currently characterized by significant instability, with most assets experiencing a bearish run. The total crypto market cap has dipped by 2% in the past 24 hours, bringing it down to $1.2 trillion. Almost all assets, including Shiba Inu, are caught up in this bearish turn.
Shiba Inu, a popular meme coin, has witnessed its price drop to $0.000008655, shedding more than 2% of its value. This downturn in price, however, contrasts with a promising burn rate metric. At the time of writing, an impressive 1.361 billion SHIB tokens have been sent to dead wallets in the last 24 hours. This represents a 9.69% growth, showing potential positive trends within the meme coin ecosystem despite the prevailing bearish outlook.
Interestingly, there’s a lack of correlation between the burn rate and Shiba Inu’s price, a trend that’s been the norm for this digital currency for several weeks. However, the burn rate remains a significant metric demonstrating that growth is still within reach for the second-largest meme coin.
Stagnant Price Growth and Shift in Investment Focus
Over the past few weeks, Shiba Inu’s price growth has largely remained stagnant, even in the face of impressive burn rate increases. In the trailing seven-day period, SHIB is down by 1.11% and has seen a more substantial fall of over 16% in the past month.
This slowing growth could be attributed to a change in investor focus. Both retail and institutional investors are shifting their attention to emerging meme coins like PEPE, LADYS, and RefundCoin (RFD). This shift in embrace could be impacting Shiba Inu’s price stability and overall market performance.
Potential for Trend Reversal
As for the potential of reversing the downward trend for Shiba Inu, the overall market trend will likely be the determining factor. Currently, investors seem to be paying little to no attention to the impacts of the burn rate on Shiba Inu’s price. This lack of focus could be a crucial factor in the meme coin’s price performance and potential for recovery.
In conclusion, despite the current bearish market trend and the shift in investor focus, Shiba Inu’s burn rate growth indicates some inherent potential. Whether or not these positive trends can translate into a price upturn will largely depend on broader market dynamics.