Shiba Inu’s (SHIB), has experienced a dramatic increase in the weekly burning rate. Over the last seven days, 128,939 614 tokens have been removed from circulation, a jump of 11.8%.
In the past 24 hours, only 21,956,446 SHIB were burned, a decrease of 27.19% compared with yesterday.
SHIB remains under pressure despite this reduction in supply. The price has dropped 7.03% over the last 24 hours, trading at $0.00001341.
Market cap of the meme coin has fallen 7.02%, to $7.85 Billion.
Investors are closely watching to see if recent burning activity will counter the current bearish sentiment.
24hr -7.03% V ) Market Cap: $7,910,250,178 (-7.02% V) Total Supply: 589,255,324,394,933 TOKENS BURNT Past 24Hrs: 21,956,446 (-27.19% V) Past 7 Days: 128,939,614 (11.82% ^)
SHIB’s performance over the long term is still uncertain, as macroeconomic conditions and crypto-market conditions continue to affect its price trend.
Chart of the SHIB by TradingView
SHIB is facing strong opposition
SHIB is still facing resistance around $0.000015. This level has prevented the upward movement of SHIB.
Price action shows traders are still cautious. The token’s decline in 24-hour time of 7.03% reinforces concerns over further downward movement.
SHIB’s supply is still high, at 589.25 billion tokens. This means that burn events may not suffice to cause a significant increase in price.
Coinglass data shows that SHIB open interest has decreased significantly. This suggests that traders have reduced their exposure due to increased volatility.
Coinglass
Market sentiment will continue to be a major factor when deciding SHIB’s next moves. The liquidation zones are $0.00001413 at the low end, and $0.000015 at the high.
Coinglass
If the price falls further and hits $0.00001413, then nearly $350,000 in long positions can be liquidated.
A breakout below $0.000015 would wipe out approximately $750,000 of short positions.
Overall, the decline in volume of trading signals that there is not much buying interest currently.
Can burn strategy support SHIB?
The weekly SHIB burn rate is up, but the daily burn rate decline raises concerns about whether supply cuts alone are enough to support a rebound in prices.
In the last month alone, its value fell by more than 22 percent. This shows that market conditions continue to affect it.
SHIB rallies have historically been fueled by strong community involvement and speculation.
This latest drop in price suggests investor excitement is diminishing. The reduced open futures interest indicates a more cautious trading approach. SHIB could continue to face resistance at key levels without a catalyst.
SHIB may retest the support level of $0.000013 if market sentiment doesn’t improve. This could lead to more losses.
While traders are monitoring the burn rate, a decrease in removal of tokens could further reduce the chance for a sustained recovery.
In the coming weeks, it will be crucial to determine if SHIB will be able to regain momentum or if a bearish trend is going deeper.
The post Shiba Inu price still stuck at $0.000015, but burn rate increases
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