Shiba

when

Bubble

Shiba Inu

Coin

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<p dir="ltr">The digital currency ecosystem is on a major slide, with the combined market recording a&nbsp;<a href="https://u.today/crypto-market-bloodbath-740-million-liquidated-as-bitcoin-plummets" rel="noopener noreferrer nofollow">liquidation of over $740 million</a>. Shiba Inu has been on the receiving end of the bearish slump with the price down by 14.3%, sliding below the $0.00003 range to $0.00002793,&nbsp;<a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">per</a> data from CoinMarketCap.&nbsp;</p>
<h2 id="shiba-inu-in-distress">Shiba Inu in distress</h2>
<p dir="ltr">From Shiba Inu’s historical trend, it takes the digital currency a longer time to add more valuation than it does to lose it. The meme coin struggled for months before it&nbsp;<a href="https://u.today/shiba-inu-erases-zero-as-shib-price-jumps-7" rel="noopener noreferrer nofollow">cleared a zero</a> in its price to flip the $0.00001 price mark as support.</p>
<p dir="ltr">The correction in SHIB after it slid from its year-to-date (YTD) high of $0.00004534 marks a major distress point for the meme coin in what appears as though the bubble has bursted. Breaching the $0.00003 support zone implies the bearish sentiment is building dominance in the short term, a trend that might trigger future slumps if not properly contained.</p>
<p dir="ltr">A glimmer of hope in this ongoing correction remains the correlation of Shiba Inu with Bitcoin. Data from crypto analytics platform IntoTheBlock pegged Shiba Inu’s correlation at 0.93, a figure that implies any important shift in trend in Bitcoin may trigger a corresponding surge in Shiba Inu.</p>
<h2 id="banking-on-growth-catalysts">Banking on growth catalysts</h2>
<p dir="ltr">Besides the general market momentum that might prove favorable when the Bitcoin tide changes direction, Shiba Inu also boasts trusted growth catalysts it can invoke moving forward.</p>
<p dir="ltr">One of these showcased by IntoTheBlock is the hodlers’ balance, which has jumped by 0.145 to more than $19 billion in the past seven days. This metric shows that despite the price slump, many investors are still holding onto their bags, implying confidence in the meme coin.</p>
<p>The&nbsp;<a href="https://u.today/386-million-shib-burned-as-shib-etf-petition-keeps-attracting-new-votes" rel="noopener noreferrer nofollow">rate of burning SHIB</a> by sending it to smart contracts has also grown remarkably in recent times, underscoring the community’s concerted efforts to shrink the supply to boost valuation in the long term.</p>

Shiba Inu (SHIB) Slides Below $0.00003, Has Meme Coin Bubble Burst?

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