Shiba Army Urges Shiba Inu Burn on Binance and Coinbase Amid Price Dip
The Shiba Inu community, known as the “ShibArmy”, is pushing for a new burning mechanism on major exchanges Binance and Coinbase in an effort to drastically reduce the circulating supply of Shiba Inu (SHIB). This proposal has sparked optimism among investors, with hopes of reaching a new all-time high for the memecoin.
Similar burning mechanisms have been successful for other projects like Terra Luna (LUNC), with Binance playing a significant role in the burning process. The potential for a similar initiative for SHIB has led to a surge in the burning rate, resulting in a lower supply and potentially higher demand for the token.
Despite these developments, SHIB is currently facing challenges in maintaining bullish momentum, with a 1.5% decrease in price and a 14% decline on the weekly chart. However, SHIB continues to be a strong competitor to Dogecoin, ranking 12th with a market cap of $10 billion.
In terms of volatility, SHIB’s short-term outlook appears bearish, with mixed market sentiment and fluctuations in derivatives activity. The RSI indicator suggests that the token may be oversold, potentially attracting new buyers at a lower price point.
Overall, investors remain optimistic about SHIB’s long-term price trend, with hopes of reaching new highs in the future. Stay updated on the latest cryptocurrency news for more developments in the market.