Shiba Inu price plummeted toward $0.000022 on Wednesday, reflecting a 13.4% loss within the weekly timeframe. SHIB’s bearish performance mirrors other mega-cap assets with the likes of BTC, ETH and XRP, all booking considerable losses on the day. This decline marks a sharp correction within the weekly timeframe, reflecting bearish pressure that has persisted since the start of the month.
The downtrend appears to be driven by hawkish expectations from the United States (US) Federal Reserve (Fed), which have caused traders to scale back exposure to high-risk assets, including memecoins like SHIB. Known for their low liquidity and sensitivity to shifts in market sentiment, memecoins have seen reduced demand amid the broader market’s cautious tone. Shiba Inu 4-hourly price action, January 8 | TradingView SHIB’s attempt to stabilize around $0.000023 on Monday faltered as sellers intensified mid-week, driving prices closer to the critical $0.000020 support level at the time of writing on Wednesday. The price action suggests a consolidation phase near $0.000020, with volatility expected to persist in the short term. Despite the recent crypto market downturn, Shiba Inu continues to attract a growing number of investors
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Shiba Inu Burn Rate Soars But Price Plummets Amid Market Sell-OffA massive 4,100% surge in Shiba Inu (SHIB) burn rate in the last 24 hours has coincided with a sharp decline in its price and a broader market sell-off.
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