The cryptocurrency market has witnessed a dramatic increase in the weekly burn rate of Shiba Inu (SHIB), with a staggering 466% rise. However, paradoxically, the price of the token has dropped by 22% during the same period.
In the past seven days, 364,382,742 SHIB tokens have been burned, marking a 466.83% surge in the weekly burn rate. Despite this aggressive consumption, the SHIB token price experienced a notable decline, falling by 22% over the past week. This price drop can be attributed to various factors, including broader market conditions, investor sentiment, and profit-taking activities by investors.
Cryptocurrency Market Faces Volatility
The cryptocurrency market has been increasingly volatile since the beginning of the week, with numerous digital currencies facing downward pressure. For the fourth consecutive session, the market has been part of a broader sell-off in contrast to the recent record highs in global stock markets. Shiba Inu has suffered even greater losses, dropping by 10%.
The price of SHIB has steadily decreased from its July 3 peak of $0.0000173. If it closes in the red today, it will mark the third consecutive day of losses. As of this writing, SHIB has dropped by 9.39% in the last 24 hours to $0.00001384, after hitting a low of $0.00001266. On a weekly basis, the token is down 22%.
Read more Shiba Inu Team Celebrates Independence Day with Crypto Community
Investors are eagerly awaiting the release of U.S. employment statistics later on Friday for the latest insights into the Federal Reserve’s stance on monetary policy. Recent weak economic indicators have strengthened the case for the Federal Reserve to ease monetary policy in the coming months.
Important Notice: The content presented in this article is intended for informational purposes only and should not be interpreted as financial advice. Coinshibainu.com bears no responsibility for any investment decisions made relying on the information contained herein. It is highly recommended to consult with a qualified expert or financial advisor before making any investment decisions.
