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Shiba Tokens are currently trading 40 % lower than their recent high. This comes after a long period of a price rally that saw the coin hit a new all-time high of $0.00008.
As a relatively young coin, getting to new highs is not uncommon. However, what is amazing with the Shiba token is that it not only got to new highs but also became among the ten biggest cryptocurrencies in the market.
This is a good indicator of the coin’s potential and the chances of it making bigger moves in the future.
Lower Trading Price
As many investors say, this is the time to buy the dip. It is currently trading lower presenting a great opportunity to enter the market. The price has been on consolidation for a few weeks now and could be getting ready for another break soon.
The price in these markets will always move up and down. Hence, it is a normal occurrence for the coin to take some pressure off after such a long bull run. This presents the right opportunity for investors that missed the earlier move to join the market.
Although the price is lower in the short term, it is still on a high for the year. Hence, the long-term movement is bullish and this could continue in the future.
Following the Big movers
There has been some news recently of a whale buyer who bought 20 trillion coins worth over $ 1 billion. These are the market movers that you should watch keenly. For a coin with a market cap of $30 billion, such a transaction is bound to have an impact as hence the need to follow.
It is common understanding most of these large investors could have better market information than the average investor. This creates a necessity to watch their market moves as it could be the right signal.
It could be an indication of a major breakout in the future. So, don’t miss out.
Trading volume in the Shiba coin has remained relatively high in comparison to its peers. Hence, it is just a matter of time before it goes in favor of the buyers.
A large volume indicates that the market is active and there is still a huge amount of interest in the asset.
Coin Burning Strategy
There is an ongoing campaign to burn more Shiba coins to give the token more value. Coin burning reduces supply helping support the price in return.
It is open knowledge over 500 trillion Shiba coins exist in circulation. This huge number makes it harder for the price to rise significantly especially if the demand is average.
Although the burning happening currently is not adequate to have a big price impact, there is acceleration and urgency in the market to burn more.
Ultimately the reduction of coins supply will trigger price growth as long as there is adequate demand.
Future of the Shiba Tokens
Market conditions currently are in favor of a possible bullish run. Due to the volatile nature of these assets, it requires just a small market trigger to get the price going again.
The Shiba tokens are trading below a cent hence almost every interested investor can afford some.
It is fundamental to note that investing in these markets is highly risky and requires adequate market understanding before committing your money.