Shiba Inu Burn Rate Soars 1100%; SHIB to $0.00002 Soon?

Shiba Inu Price Dips Amidst Broader Crypto Market Decline

Shiba Inu (SHIB), renowned as a dog-themed meme coin, experienced a price decline exceeding 1% today, mirroring a general downturn in the crypto market. Other meme coins, such as Dogecoin and PEPE Coins, also faced downtrends.

Burn Rate Surge Fuels Optimism

Despite the price dip, optimism for Shiba Inu remains robust. The burn rate for SHIB has surged by an impressive 1100%, boosting market sentiment. This surge signifies a concerted effort to reduce the overall supply and potentially increase the coin's value.

Historical Performance and July Outlook

Historically, Shiba Inu has performed strongly in July. In 2023, it surged by 11.8%, and in 2022, it experienced a 13.4% increase. This trend suggests that SHIB could potentially reach the crucial resistance level of $0.00002 in July.

Coinbase's Regulatory Filing

Further bolstering the bullish sentiment, Coinbase's recent regulatory filing indicates the potential for new opportunities for Shiba Inu. The filing includes proposals for derivatives tied to SHIB, potentially starting trading as early as July 15. This move could enhance SHIB's market presence and attract more investors.

Current Market Status

At the time of writing, Shiba Inu's price has dropped by 1.3%, trading at $0.00001704. Over the last seven days, SHIB has declined by nearly 5%. However, its Open Interest has increased by 4%, indicating strong market interest in the meme coin.

Note: This article is for informational purposes only and should not be construed as investment or financial advice.