SHIB Price Plummets as Weak Burns and Rivals Take Center Stage
Shiba Inu's price has taken a hit today, dropping over 1% in intraday trading despite the global crypto market sitting at $2.79 trillion and rising.
The main story behind SHIB's downturn is not just the broader market's performance, but rather three key factors: weak burns, Dogecoin's wallet upgrade, and a new memecoin called Laptop.
According to Shibburn data, daily burns fell 78.96%, which typically supports price momentum. However, this drop in burns coincides with Dogecoin's recent wallet upgrade, allowing DOGE holders to swap their coins within Phantom, Solflare, and Backpack wallets without needing a bridge.
The rising interest in Laptop, a newer memecoin, is also drawing attention away from SHIB at a time when it needs strong sentiment. Some traders see the current dip as an opportunity to buy, citing higher lows and accumulation, but others remain cautious due to the soft burn rate and increased competition.