Shiba Inu witnessed a decline of 4% in its price, reaching $0.00001342 on Sunday. This drop occurred alongside Bitcoin’s fall below the crucial support level of $60,000. As a result, major altcoins also experienced declines, which impacted the volatile and speculative meme cryptocurrency sector. The selling pressure caused SHIB to retreat from its multi-month resistance, indicating a possible risk of a more substantial correction in the future.
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Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
By
James Whitfield — Staff Reporter
About the author · Staff Reporter
James Whitfield
James Whitfield is markets correspondent at BTCNews. He spent eight years on the equity desk at Bloomberg London before moving to digital assets in 2020, and now leads our daily coverage of spot prices, derivatives and ETF flows. James reads order books for breakfast and has been quoted in the Financial Times, CityAM and CoinDesk. He is a CFA Level III candidate and is based in the City of London.