Why Has the Price of a Shiba Inu Dropped Today?

Last updated:12/31/2024

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Here is a quick summary of the most recent market statistics that support the declining Shiba Inu price action while maintaining a constructive outlook for the future.

Key Takeaways:

In light of current trends, the price of Shiba Inus has decreased by 3%.
The sharp reduction in the intraday SHIB burn rate matched the asset’s price decline.
Additionally, there has been a noticeable drop in SHIB OI in recent days.
However, overall market attitude regarding Shiba Inu prices is still positive.

As demonstrated by the recent decline in the price of Shiba Inu, the well-known dog-themed meme coin SHIB caused serious anxiety among cryptocurrency market players on Monday. A diminishing burn rate and other general trends were the main causes of the meme token’s extremely erratic trading session, according to recent market statistics.

Here is a quick summary on the reasons why the price of SHIB fell more than 3% in a single day, causing traders and investors around the world to become anxious

The Reasons Behind the Declining Price of Shiba Inus

Statistics for the Shiba Inu token show that the dog-themed meme cryptocurrency is taking a beating from the market’s general instability following the U.S. Federal Reserve’s hawkish attitude on interest rates and the impending holiday mood. It would indicate that investors are avoiding the cryptocurrency market during the holiday season, which could be a sign of a decreasing willingness to take risks. The recent performance of popular meme coins like DOGE and PEPE shows that this has had an impact.

At the time of reporting, only 606,000 tokens had been burned, a 90% decrease even in the Shiba Inu burn rate. This coin’s dwindling value in the face of a volatile market is consistent with its falling burn rate, which suggests that the supply is staying relatively unchanged.

At the same time, Coinglass data revealed that the meme coin’s futures open interest (OI) dropped significantly during the recent market volatility. As of December 30th, the open interest in SHIB futures was $51.84 million, showing a significant decline in market demand for the product. The present momentum is further rationalized by this OI decline, which coincides with the Shiba Inu price dip.

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What Will Happen To SHIB Next?

Currently, the price of SHIB has surpassed 3% in the last 24 hours and is trading at $0.00002154. The lowest and highest values recorded within a single day were $0.00002124 and $0.00002239, respectively. Importantly, the declining price trend is consistent with those numbers. Nevertheless, trades for the token surged 25% to $398.15 million over the day, showing that investors are bullish on the asset even though the market is volatile.

Concurrently, according to CoinGape’s latest Shiba Inu price study, a $0.0001 price target could be achievable by January 2025, considering Bitcoin and the overall market recovery. The currency might break the $0.00009 barrier level soon if the positive trend returns. Furthermore, if this level is broken, a rally towards $0.00009 and eventually $0.0001 might be in the cards. Traders should proceed with caution in light of the recent unpredictable trend, though.

In addition, the launch of SHIB: The Metaverse and the impending TREAT token launch are ecosystem developments that have contributed to a positive outlook for the token in the long run.

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