- Shiba Inu’s burn rate has surged over 65,500%, with 2,652,095 $SHIB burned in the past 24 hours.
- SHIB price declined around 1.56% and traded at $0.00001762.
This week began on a bearish note for the cryptocurrency market, with many tokens struggling to recover from recent lows. Among them, the popular meme coin Shiba Inu (SHIB) has seen a dip of over 1.5% in the last 24 hours, despite a remarkable spike in its burn rate.
According to the Shibburn tracker, over 2.6 million SHIB tokens were burned in 5 transactions, pushing the burn rate to an impressive 65529%. The SHIB burn aims to reduce the token supply, which is expected to drive up the token’s price by increasing scarcity in the market.
Shiba Inu (SHIB) Burn Rate (Source: Shibburn)
However, this surge hasn’t impacted positive price movement for SHIB. At the time of writing, the meme coin is trading at $0.00001762, down from an intra-day high of $0.00001806, with a low of $0.00001742 recorded today. Additionally, daily trading volume has dropped significantly, declining by about 21% to $224 million.
Shiba Inu (SHIB) Market Overview
The price of Shiba Inu has dipped below the crucial $0.000018 mark as of October 25, reflecting a 5.76% decrease over the past week and marking a potential fifth consecutive day of declines.
This follows a steep downtrend that began after SHIB rejected the $0.000020 resistance level on October 21. Interestingly, SHIB did enjoy a rally earlier this month, rising over 17.63% since October 10, benefiting from the 2024 “uptober” trend.
Despite the recent bearish sentiment, technical indicators present a slightly optimistic picture for SHIB. The price is hovering around $0.00001768, closely aligned with a 9-day EMA.
Shiba Inu (SHIB) Price Chart (Source: TradingView)
The Relative Strength Index (RSI) sits at 39. That indicates the asset is somewhat weak but not yet oversold. Also, that might open the door for buying opportunities if market conditions improve. Meanwhile, the Chaikin Money Flow (CMF) is at 0.02, suggesting a modest influx of funds into the asset.
Shiba Inu is expected to trade $0.00001711 to $0.00002312 for the upcoming days.
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