Significant jump in burn rate comes amid period of price volatility for SHIB
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Typically, a reduced supply with steady or increasing demand would lead to a price increase. However, market dynamics can be influenced by a myriad of factors, including investor sentiment, market trends and broader economic conditions.At the time of writing, SHIB was down 8.78% in the last 24 hours to $0.
This is more than a price range; it might be a litmus test for the coin's resilience. Whether SHIB breaks through or holds steady, the outcome will be a telling hint of what to expect from the dog-themed token.As SHIB approaches the lower end of this range, the cryptocurrency market waits with bated breath to see if it will hold at this price. In case of further declines, SHIB has relatively minimal support in the $0.000019 to $0.000020 area, where 3.
In the case of a comeback, SHIB will confront its next barrier between $0.000023 and $0.000025, where 41,690 addresses hold 37.84 trillion SHIB. Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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