$SHIB has a chance for a recovery in the foreseeable future as network activity is on the rise
One of the main reasons for the decline in Fantom's TVL is likely the outflow of funds from the network, which has reflected poorly on its price. Over the past 20 days, FTM has lost almost 30% of its value, a significant drop for any cryptocurrency. While the exact reasons for this outflow are unclear, it is possible that investors are becoming more cautious about the network and its long-term prospects.
Moreover, the recent decline in TVL and price could actually be a buying opportunity for those who believe in the long-term potential of the network. Indeed, many experienced cryptocurrency investors see market downturns as a chance to accumulate assets at a discount, with the expectation of selling them at a profit once the market recovers.
Despite the recent dip in price, the network's burn rate has almost reached $5 million per 24 hours, which is a positive sign indicating high activity on the Ethereum blockchain.The consolidation at the key support level suggests that Ethereum is undergoing a period of price discovery, where traders and investors are reevaluating the cryptocurrency's value. This could result in increased volatility in the short term as market participants decide on the direction of the market.
The recent price performance of Ethereum has been somewhat lackluster, with the cryptocurrency losing around 10% in the last 24 hours. This decline has been attributed to the Silvergate-fueled sell-off, with many cryptocurrencies experiencing similar price drops.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shiba Inu: Bankrupt Crypto Lender Still Holds 5.1 Trillion SHIB Despite SellingShiba Inu: Bankrupt crypto lender hoards 5.1 trillion SHIB after selling, here's why ShibArmy $SHIB SHIBCommunity
Read more »
Shiba Inu (SHIB) Set for Death Cross, but Does It Really Matter?$SHIB facing increased pressure after the most recent market correction, and the death cross paints a grim picture for the meme asset
Read more »
BONE Is Safer Than Shiba Inu (SHIB) for Its Holders: IntoTheBlock$BONE is better choice than Shiba Inu $SHIB now, stats show shibainu shib shibarmy shibarium shibaeternity shibadoge shibburn bone dogekiller leash $leash
Read more »
Shiba Inu (SHIB) Burn Rate up 840%, Here's What This Means for PriceShiba Inu price down, but its burn rate gives confidence about its future price growth
Read more »
Crypto Influencer Considering Selling All Shiba Inu (SHIB) Tokens, Here's WhySydney Ifergan, prominent crypto influencer, is considering selling all his Shiba Inu (SHIB) tokens due to concerns about token's stagnant price despite upcoming launch of Shibarium
Read more »
Shiba Inu's BONE Price Presents This Recovery Scenario, Here's What It IsShiba Inu's BONE price recovery hinges on this crucial factor $BONE BoneArmy ShibArmy
Read more »