On Friday, the price of Shiba Inu (SHIB) increased, despite the fact that the rest of the cryptocurrency market is suffering significant losses because of a prolonged unfavorable trend.
Apparently, the dog-themed coin’s price has risen 3.74 percent in the last 24 hours and is presently trading at $0.0000001026, leading the market in daily advances among the top 100 cryptocurrencies by market capitalization, according to statistics from CoinMarketCap.
Bears have successfully knocked the price of Bitcoin (BTC) below the $20,000 threshold, diminishing market recovery hopes.
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Shiba Inu Leads Top-Cap Cryptos
Based on data from CoinMarketCap, the overall market capitalization of cryptocurrencies was $864 billion after falling 4% in the preceding 24 hours. Shiba Inu led the top-cap cryptos with gains between $1 and 4% over the same time frame.
According to Coinglass statistics, the 10% drop in Shiba Inu price on Friday generated $1.44 million in SHIB futures liquidations across exchanges.
Despite exhibiting strength in recent days, Shiba Inu was at risk of incurring additional losses. Even with the revelation of ShibsSwap’s Shib Inu burn portal rewards, the technical setup indicates that price growth will deteriorate.
SHIB total market cap at $5.45 billion on the daily chart | Source: TradingView.com
The SHIB burn portal was created to provide passive income to SHIB token holders who burn their tokens. The benefits would be distributed in the form of RYOHI tokens, with 0.49 percent of all transactions going to SHIB holders.
After the establishment of the Shiba Inu burn portal, a SHIB “BURN Pool” was formed to provide incentives for the meme token’s burning.
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Meanwhile, the SHIB weekly chart displays a rise of 4.15 percent compared to the previous week. Moreover, the meme currency, with a market cap of $5.44 billion, is currently one of the most popular coins on CoinMarketCap, second only to STEPN (GMT).
In related news, FXStreet analysts predict that the Shiba Inu price trend is bullish. Shiba Inu’s price turned a resistance level of $0.0000095 into a support level, and analysts anticipate the meme coin to surpass the next resistance level of $0.0000104, according to FXStreet.
After bottoming out on June 20, the SHIB price began a tremendous rise. However, the rally encountered obstacles, resulting in a regression. After a brief consolidation period, SHIB bulls appear prepared for another rally.
Featured image from Coinquora, chart from TradingView.com