Shiba Inu (SHIB) Shines Green In Pool Of Crimson – Who’s Buying?

Christian Encila

1 year ago

2 mins read

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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.

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.

Analysts See Shiba Inu In A Bull Run

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.