SHIB (Shiba Inu) rose 2.33% in the last 24 hours.

Gate News Bot news, July 7, according to CoinMarketCap data, as of the time of writing, SHIB (Shiba Inu) is currently priced at $0.0000118029, with a rise of 2.33% in the last 24 hours, reaching a high of $0.000012135 and a low of $0.0000111076. The 24-hour volume reached $129 million. The current market capitalization is approximately $6.955 billion, an increase of $158 million compared to yesterday.

Shiba Inu (SHIB) is a decentralized, community-driven cryptocurrency based on Ethereum. Launched in 2020, the project quickly became a globally recognized token that can be used on multiple platforms through direct or third-party methods. SHIB is the core token of the Shiba Inu ecosystem, which, together with BONE and LEASH, forms a complete ecosystem. The project also includes several components such as the ShibaSwap decentralized exchange, the Shiboshis NFT series, and the Layer 2 network Shibarium.

Important news about SHIB recently:

1️⃣ Whale holdings are highly concentrated The SHIB market is showing a highly concentrated state, with the top ten wallets holding 62% of its supply. This holding structure reflects the imbalance in the market, which may lead to increased price volatility. The behavior of large holders will have a significant impact on the price trend of SHIB.

2️⃣ The technical indicators show potential upward momentum The price of SHIB has recently shown a strong rebound, successfully breaking through a two-month downward trend. The Relative Strength Index ( RSI ) has broken above the neutral level of 50.0 for the first time in over six weeks, indicating increased buying pressure. These technical indicators suggest that SHIB may be brewing a new round of rise.

3️⃣ Token burn mechanism continues to advance The SHIB community is actively promoting the token burn mechanism, with a recent surge in the burn rate of over 12,000%. In the past 24 hours, 13,090,171 SHIB have been burned, reducing the token supply. Although the short-term impact on price is limited, it may enhance the scarcity of SHIB in the long term, positively affecting its value.

Although the technical indicators show positive signals, the NVT ratio of SHIB is at a near one-year high, indicating that the current valuation may be overvalued. Investors need to closely monitor the movements of large holders and the breakthrough of key resistance levels to assess potential risks.

This message is not intended as investment advice; investors should be aware of market volatility risks.