Shiba Inu Faces Bear Market, But Signs of Recovery Emerge
Shiba Inu (SHIB) has seen its value plummet this year, losing $12 billion. its market cap now stands at $7.4 billion. This decline mirrors the struggles of Bitcoin (BTC) and other meme coins, fueled by worries about a possible U.S. recession.
Though, there are hints that SHIB’s price drop might be nearing its end. One key factor is the surge in coin burning. In the past 24 hours, the burn rate spiked by over 62,000%, according to ShibBurn.A single user sent nearly 460 million SHIB coins to a dead wallet. This action has incinerated over 410 trillion SHIB coins as its launch,reducing the circulating supply to about 584 trillion.
SHIB’s price could also get a boost from broader economic trends. The stock market may recover after recent falls caused by trump’s tariff policy. Historically, both stock and crypto markets tend to rebound after initial drops.
A potential turning point could be the upcoming Federal Reserve interest rate decision. If the Fed signals rate cuts, it could benefit SHIB, Bitcoin, and other cryptocurrencies.
Technical analysis suggests SHIB might potentially be on the verge of a strong bullish breakout. The daily chart shows a falling wedge pattern, with crucial support at $0.00001260. If this level holds, SHIB could surge to $0.000020, a 60% increase from current levels.
