Altcoin
SHIB Army Calls For Shiba Inu Burn On Binance & Coinbase
Shiba Inu (SHIB), the meme coin standing as Dogecoin’s eternal rival, has once again set off a wave of discussions across the global crypto community. According to a post by the SHIB Army on X, Shiba Inu is eyeing a new burn initiative on Binance & Coinbase. This news has fueled significant optimism on Shiba Inu’s future price movements despite its recent bearish movement. So, let’s take a closer look at this new SHIB burn initiative.
SHIB Burn Initiative: What’s The Scoop?
In the SHIB Army’s post on X, dated June 21, the community spotlighted how token burns substantially bolster a crypto’s market dynamics. The post reiterated that killing a coin’s market supply primarily creates scarcity.
Concerning this, the proposal to burn 1% of all transactions involving Shiba Inu tokens was rolled out today. This initiative was explicitly aimed at garnering support from Binance and Coinbase, globally renowned cryptocurrency exchanges.
Meanwhile, the SHIB army also revealed that this decision banks in the footsteps of a similar recent occurrence. Binance jacked up the Terra Luna token burn, incinerating staggering amounts of LUNC. This appears to have triggered the SHIB Army’s new token burn initiative.
Additionally, it’s worth mentioning that the community’s own burn mechanism continues to destroy SHIB in the background. Today, the meme coin’s burn rate spiked over 500%, CoinGape Media reported.
However, Shiba Inu traded in the red, showing signs of a pullback over the past day.
Also Read: Ripple’s Promotion Under Scrutiny, Is XRP Security Status Under Threat?
SHIB Price Plunges
While writing, SHIB price saw a 4.82% decline in value, trading at $0.00001782. The coin’s 24-hour bottoms and peaks were evaluated as $0.00001751 and $0.00001879, respectively.
Coinglass data hinted at a mixed market sentiment for the asset, as its OI dipped 7.52% to $33.49 million while derivatives volume soared 8.34% to $117.26 million. This could be driving SHIB’s volatility witnessed today.
Also, the RSI further validated the meme coin’s price dip, resting near 27. This hints at an oversold condition, paving the road for buyers to enter the market at low price.
Should buying pressure increase ahead, SHIB could see a significant price rebound. Conversely, selling activity could result in further dips.
Also Read: Binance Finalizes Tether Integration on Toncoin Network, What Next For TON?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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