The Shiba Inu coin (SHIB) is having a tough time in the crypto market, losing its spot in the top 10 cryptocurrencies.
This change comes as Tron (TRX) takes the 10th spot, rising 4.3% in the past week, while SHIB fell 5.8%.
Volatility Hits Hard
This week has been rough for the crypto market overall. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all saw price drops. Avalanche (AVAX) was the big winner, up 9.5%, while Solana (SOL) and Tron also posted gains.
However, Shiba Inu wasn’t as lucky, showing how unpredictable the market can be.
SHIB Community Keeps Burning
Despite the price drop, the SHIB community isn’t giving up.
Recently, they burned over 300 million SHIB tokens, hoping to reduce supply and increase value. Yet, this hasn’t translated into price gains.
SHIB’s price remains stuck between $0.000017 and $0.000018, with significant resistance ahead.
Looking Ahead
The SHIB Army is pushing for more token burns, asking major exchanges like Coinbase to help. They believe reducing the circulating supply can boost SHIB’s value in the long run.
This strategy hinges on the upcoming Shibarium auto-burn system, set to launch later this year, which could automatically burn tokens with every transaction.
Market Sentiment
The overall market sentiment remains cautious. While SHIB’s active community continues their efforts, the coin’s price struggles reflect the broader market’s uncertainties.
Investors should stay informed and consider these dynamics before making decisions.