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Shiba INU (SHIB) Price Maybe on its Way to Crash Hard Below $0.00001! But There’s A Catch!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 1, 2022

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Highlights

    Shiba INU price displays significant possibilities of dropping hard towards the lower support that is far below $0.00001

    The burning rate of the SHIB tokens also have reduced drastically which may impact the upcoming rally

Most of the crypto-assets have been proactive for the past couple of days as the broader crypto markets have recovered to some extent. However, since the early trading hours, the asset appears to have yet again been under the influence of the bears. And hence most of the assets are struggling hard to sustain at the gained levels. Therefore, Shiba INU(SHIB) prices are also pretty close to the lower support and hence only a wrong move may drag the price lower. 

Shiba INU, in the recent past, appear to have lost its grip over the market as the price continues to hover within a very narrow range. The negative market sentiments are deeply impacting the SHIB price while any positive flow does not affect the asset. Therefore, the LUNA-UST crisis then and the sudden disappearance of the creator Ryoshi from all the platforms have deeply impacted the SHIB price. 

No doubt, the project leader, Shytoshi Kusama has now stepped in to carry on, but Ryoshi’s disappearance has caused a huge stir in the SHIB community. On the other hand, the burning of SHIB tokens is depleting constantly. As low as 52.6 million tokens were burnt in the past 24 hours, where-in the average burn is close to 100 million. 

The total tokens burnt in the whole of May month is slightly higher than 31 billion with more than 1000 transactions. The drop of nearly 65% in the burning rate may largely impact the depletion of the circulating supply which may, in turn, impact the price too. And hence with a continued loss of interest, the SHIB price may also start collapsing in a similar way as LUNA or UST happened in the recent past. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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