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Shiba Inu has been on a downtrend in the last 24 hours. With the crypto market set for what could be another correction, there are concerns that SHIB could still go lower.
Shiba Inu Price Action
Currently, Shiba Inu trades at $0.0000109, indicating a 3.26% downtrend in the past 24 hours.
The asset’s price drop has brought it below its major moving average (MA) indicators; the 10-day MA stands at $0.000011. Just as well, SHIB’s moving average convergence divergence (MACD) remains negative, meaning that the asset is giving off a sell signal.
Broader Market Pressure Builds
The substantial decline the crypto market is currently experiencing seems to be the largest source of concern at the moment.
On Tuesday, the market saw some relief after the U.S. Dollar Index (DXY), which tracks the U.S. dollar’s performance against a basket of other major currencies, lagged. The index dropped below $114 at the market’s open on Tuesday, causing some relief as stocks and indices increased.
S&P 500 and Nasdaq Composite Index were up 0.4% and 0.65%, respectively, after two hours of trading. And in the crypto market, Bitcoin had gotten as high as $20,334. However, all of these gains eventually reversed.
Now, the Dollar index has crossed $114 once more, and analysts believe it could be primed for even higher jumps.
With the dollar gaining strength, the crypto market has resumed a bearish streak. Bitcoin is now trading at $18,700, and major altcoins have seen sharp declines in their value. SHIB has been no different.
Still Some Good News
However, not everything is gloomy with Shiba inu. The asset still has several impressive developments, starting with the growing number of tokens being burned.
Over 59 million SHIB tokens have been burned in the past 24 hours – an increase of 102% over the previous day. With the Shiba Inu community focused on making the asset more deflationary, this shows significant progress on the coin’s part.
The Unification xFund is also looking to launch Shibarium – a layer-two scaling solution for the Shiba Inu blockchain. Shibarium will allow developers to launch products on the blockchain, creating an ecosystem of applications and bringing Shiba Inu closer to platforms like Ethereum.
Looking to Enjoy Gains? Try Tamadoge
With the crypto market trading down again, investors may be considering crypto market opportunities.
Recently, crypto enthusiasts have been enamored with TAMA – the native token for the Tamadoge ecosystem. Tamadoge is a blockchain gaming project that allows players to win battles with their digital pets and earn rewards in TAMA tokens.
TAMA was launched on the OKX exchange yesterday and has so far generated $8.3 million in trading activity since its debut. While the asset’s price is down by 11%, its impressive volumes show that investors remain very interested in it.
Tamadoge’s full platform is expected to launch before the end of the year, with features like an in-app marketplace and the TamaVerse becoming accessible to users. They could present a strong case for a significant TAMA price surge when they launch.
- Buy TAMA on OKX CEX
- Buy TAMA on OKX DEX