Shiba Inu Witnesses Significant Price Decline Amid Market Shifts
Main Idea
Shiba Inu (SHIB) experienced a 6% price decline, reaching its lowest point since July 9, influenced by market shifts and external economic factors.
Key Points
1. SHIB's price dropped from $0.000013 to $0.000012 between July 31 and August 1, linked to new tariffs announced by former U.S. President Donald Trump.
2. Centralized exchanges saw a rapid increase in SHIB holdings, reaching 84.9 trillion units, with a notable accumulation of 4.66 trillion SHIB valued at $63.7 million.
3. A 602 million SHIB token burn caused a 16,700% spike in the burn rate, potentially impacting price movements.
4. Technical analysis indicated a resistance point rejection at $0.000013, with buying interest at $0.000012 briefly aiding recovery.
5. Experts suggest SHIB's future price trend depends on global economic developments and actions by the SHIB community and major investors.
Description
SHIB saw a 6% price drop due to new tariffs and dollar strength. Significant SHIB token burn led to a 16,700% spike in burn rate. Continue Reading: Shiba Inu Witnesses Significant Price Decline Amid Market Shifts The post Shiba Inu Witnesses Significant Price Decline Amid Market Shifts appeared first on COINTURK NEWS .
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