A rumor about an alleged project reset of SHIB stirred controversy within the community over the past few hours, but was quickly debunked by veteran figures of the ecosystem.
SHIB dropped 16.13% to a low of $0.0000052 amid intense selling pressure.
According to the Shibburn website, 39.23 million SHIB were sent to dead wallets where they can no longer be accessed or spent in the last 24 hours, with the Shiba Inu daily burn rate up by over 88%.
Shiba Inu (SHIB) has officially been recognized as a major financial vehicle in one of Asia's strictest markets. Local crypto company Laser Digital Japan — the digital arm of one of Japan's largest investment holding company — has received regulatory approval and included SHIB in its exclusive list of six approved cryptocurrencies.
Exchange-flow data indicates that a significant number of SHIB tokens are moving toward trading platforms rather than away from them, indicating that Shiba Inu may be under additional selling pressure. At a time when SHIB is already having difficulty maintaining its recent recovery, the most recent data indicate an unfavorable short-term imbalance.
As SHIB works to establish a more convincing recovery, Shiba Inu is going through another significant change in exchange flows. While a number of other exchange metrics are increasing, exchange netflow has decreased by about 811 billion SHIB from the prior reading.
Shiba Inu (SHIB) traded largely sideways Friday amid high market liquidity, although the meme coin has retained much of its recent momentum.
Shiba Inu trades near $0.00000505 after a record short-liquidation squeeze. See key levels, scenarios, and where traders are rotating gains next.
Shiba Inu (SHIB) recorded a 6.76% increase in 24 hours, reaching a price of $0.00000477. Ethereum and Bitcoin outperformed the meme token during the same session with gains of 17.8% and 8.1%, respectively. SHIB's trading volume stood at $104 million in the last 24 hours, remaining 61.2% below its year-over-year value.
Shiba Inu's attracting renewed interest across spot markets and social channels, but derivatives traders stay on edge.
Shiba Inu is back on track to reclaim the $0.000005 zone after multiple weeks of trading below this price level following the extensive market downturn.
Social dominance is recovering, but OI has fallen.