While $SHIB is gaining more traction on the market, $DOGE and $ADA are making quite different comebacks
Shiba Inu has gained over 16% in value after the burn rate surpassed the 1,300% mark and PuppyNet was released. This surge follows an uptrend that began about a week ago. The launch of PuppyNet L2 chain for Shiba Inu was a highly anticipated event expected to bring more value and activity to a SHIB network that has recently been experiencing a crisis due to the lack of useful cases on the blockchain.
The burn rate refers to the rate at which Shiba Inu coins are taken out of circulation, which decreases the total supply of the asset. The higher the burn rate, the greater the scarcity of the token, which can potentially drive up its value. Shiba Inu's burn rate reaching the 1,300% mark is a significant milestone for a cryptocurrency that has been gaining popularity in recent months.
Of late, the cryptocurrency market has been experiencing a period of volatility, with many assets experiencing significant price fluctuations. While Shiba Inu's recent rebound may be a positive sign for its investors, it is important to keep in mind that cryptocurrency markets are notoriously unpredictable and can change rapidly.has faced strong resistance after breaking through the 50-day moving average, which was expected to be a fuel for the trend's continuation.
Furthermore, the bearish dominance on the markets could also be attributed to overall market sentiment. Many cryptocurrencies, including Bitcoin and Ethereum, have been struggling to gain momentum and break through their respective resistance levels. This lack of bullish momentum across the market could be weighing down Cardano's price action.has surprised traders by making an unexpected return inside the descending triangle pattern, which typically indicates a bearish trend continuation.
Currently, DOGE is trading at $0.075, and its next moves will be closely watched by traders and analysts alike. If the cryptocurrency can break above the upper border of the descending triangle, it could indicate a trend reversal and potential bullish movement. On the other hand, if DOGE fails to break through this resistance level, it may continue to trade within the descending triangle pattern and potentially resume its bearish trend.
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