Shiba Inu Price Nosedives, Key Indicator Say This
Release: 2024/06/24 19:10 Reading: 312
Shiba Inu (SHIB) Price Decline
Amidst a significant trading volume increase, the popular meme coin SHIB has witnessed a price drop of 5.79% in the past 24 hours. This surge in trading volume, reaching $202 million, indicates heightened market activity.
Market Capitalization and Cryptocurrency Ranking
CoinMarketCap data reveals a 6% decrease in SHIB's market capitalization, valuing the digital asset at $10 billion. This adjustment has resulted in a drop from the 11th to the 12th largest cryptocurrency by market capitalization.
Price Comparison and Historical Performance
Although SHIB's value has declined by 16.15% in the past week and 31.04% in the past month, it has experienced a 113.34% price increase since June 2023, surpassing Dogecoin's (DOGE) 74.84% gain during the same period.
Relative Strength Index (RSI)
The RSI indicator for SHIB has recently entered oversold territory, suggesting potential buying opportunities for investors.
Burned Tokens and Future Prospects
Over 410 trillion SHIB tokens have been burned to date, reducing the overall supply. The long-term implications of this burning on SHIB's future trajectory remain to be seen.
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