How are the cryptocurrencies Shiba Inu (SHIB), Bittensor (TAO), and Osmosis (OSMO) performing within the crypto market? Let’s take a look at an overview of their prices and the latest news related to them.
Shiba Inu burns 100 million SHIB tokens in a single day as value increases by 300%
The value of Shiba Inu has seen a significant increase, with a burn rate that has led to the removal of nearly 100 million SHIB tokens from circulation in the last 24 hours.
This increase is part of the broader goal of reducing the maximum supply of SHIB, making the tokens more rare and potentially more valuable over time.
Furthermore, the latest price update of Shiba Inu shows a 4% daily increase, in line with the general market rally. This sees Bitcoin reaching $72,000 and Ethereum returning above $3,600.
Another aspect that could positively influence the value of SHIB is the development of Shibarium, a second-level blockchain solution.
This network, launched last year, focuses on supporting decentralized applications, including DeFi projects, non-fungible tokens (NFT), and gaming applications, within the Shiba Inu ecosystem.
Shibarium aims to improve user experience by offering high transaction speed and lower costs, making it attractive for developers and participants in the cryptocurrency sector.
Recently, Shibarium has reached another significant milestone, surpassing the 4 million total blocks, demonstrating its solidity and constant progress in the cryptocurrency landscape.
TAO: crypto in comparison with Shiba Inu and OSMO
The current price of Bittensor is approximately $562.62, showing a decrease of -3.82% in the last few days and underperforming the cryptocurrency market, which has seen a decrease of -2.77% in the same period.
However, TAO has shown a decrease of -4.84% compared to Bitcoin, the main cryptocurrency.
According to some analysts, it is predicted that the price of TAO will reach $748.10 by April 11, 2024, indicating an increase of 30.48% in the coming days.
Although Bittensor has recorded a loss of -24.98% in the last 30 days, the medium-term trend has been bullish, with an increase of 144.33% in the last 3 months.
The all-time high for Bittensor was reached on March 7, 2024, with TAO hitting $757.32. Currently, the cycle high is $617.40, while the low is $471.13.
TAO has shown high volatility, with a 1-month volatility of 10.49%, recording twelve green days in the last 30 days.
Currently, 15 indicators signal a bullish forecast for Bittensor, while 10 indicators indicate a bearish forecast, with 60% of the indicators in favor of a positive forecast.
Resulting in an overall neutral feeling towards Bittensor.
The price of the Osmosis coin (OSMO) shows consolidation around the 20-day EMA level, reflecting the lack of bullish movements in the context of a positive market sentiment.
However, investor interest and demand for the currency seem to be low.
The monthly performance of the crypto is about 1.76%, while on an annual basis it is 101.22%. Analysts are neutral, but suggest the possibility of a rebound above $2.
OSMO has shown a rejection from the horizontal line of $1.90, consolidating on the charts. Trading volume has decreased by 50% in the last three sessions, reflecting low investor attention and currency consolidation.
The data on derivatives indicate an increase in open interest of 3.27%, with a short accumulation. Price volatility has decreased significantly recently, while overall sentiment is negative.
Despite the growing development activity, the price remains confined in a narrow range, indicating a restriction by sellers to gain momentum. However, the development curve shows a 5% increase, suggesting a positive outlook for the future.
