The year 2022 was not turned out to be as good for SHIB as investors had anticipated.
As per experts' analysis, Shiba Inu encountered a strong resistance level with the most recent 22% price rally.
Coingabbar, India's leading crypto information marketplace, will soon announce a mega giveaway of Shiba Inu Token.
After its terrible performance in 2022, most retail investors opted to stop trading assets such as SHIB and DOGE and instead invested in stablecoins. But things could change after the most recent price rally.
The massive burning volume, which has already burned more than 40% of the existing supply, is one of the key drivers of Shiba Inu on the market.
However, in 2022, the Shiba Inu burning rate had decreased, leaving around 600 trillion SHIB floating in space and exerting significant market pressure.
Even during the most recent and slower run, Shiba Inu's burn rate increased by a significant percentage. Historically, the number of burned tokens increases whenever the price of the token fluctuates, whether upward or downward.
As per the 200-day moving average, Shiba Inu encountered a strong resistance level with the most recent 22% price rally. The successful breakthrough will enable SHIB for a full-fledged recovery run, which should return the asset's burning volume to levels seen in 2021.
CoinGabbar, India's leading crypto information and research marketplace, is coming up with a new mega giveaway for the Shiba Inu token. To know more about it stay tuned!
Also read: Is Shiba Inu headed to the moon in the year 2023?
