Shiba Inu's price has experienced a significant decline, driven by low burn rates and large transaction volumes, indicating continued bearish pressure. However, reduced exchange reserves and SHIB's RSI nearing oversold territory suggest a potential rebound in the near future. The news highlights the recent downturn in the meme coin market, with Shiba Inu's valuation plummeting by over 15% in the past two weeks.
Shiba Inu’s price has fallen substantially lately, with declining burn rate s and large transaction volumes signaling continued bearish momentum.
On the other hand, reduced exchange reserves and SHIB’s RSI nearing oversold territory suggest that a potential rebound may be on the horizon.The past two weeks have been quite successful for most leading cryptocurrencies. Bitcoin , for instance, saw its price surging by 10%, while Ethereum pumped by 4%.The popular meme coin Shiba Inu is among the biggest losers, with its valuation plummeting by over 15% for that period.. One example is the red wave going through the entire meme coin sector.
The Shiba Inu team and community have burned more than 410 trillion tokens since adopting the mechanism. However, the circulating supply remains, we will focus on Shiba Inu’s large transaction volume .SHIB could soon return to the green track. An example is the Shiba Inu exchange reserve, which, according to CryptoQuant, has recently, we will touch upon SHIB’s Relative Strength Index . The technical analysis tool measures the speed and change of price movements, varying from 0 to 100.
SHIB Cryptocurrency Meme Coin Market Downturn Rebound Burn Rate RSI
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