Shiba Inu has recently encountered a price drop after hitting a high of $0.000034. The decline in both the burn rate and the number of active addresses over the past week suggests a decrease in market confidence. Consequently, the SHIB price has fallen by 2% today and 13% throughout the week, raising concerns about a possible decline towards the $0.000024 support level.
What Caused the Drop in Burn Rate?
Recent reports reveal that Shiba Inu’s burn rate plummeted by more than 100% within the past week. However, a significant rebound occurred in the last 24 hours, with an increase of nearly 425% attributed to a Shiba Inu wallet transferring 70,605,175 tokens to a burn address.
How is the Market Responding to SHIB’s Weakness?
Currently, the SHIB price stands at $0.00002755 after a more than 2% drop in the last day, accompanied by a 13% decline in trading volume, indicating waning investor interest. Technical analysis also highlights weakness across various indicators, including the Ichimoku cloud and RSI.
- Burn rate has fluctuated significantly, impacting market perceptions.
- The SHIB price shows vulnerability, with trading volume decreasing.
- Support level at $0.000024 is critical for price stabilization.
- Growing community interest in new token launches may affect market dynamics.
The ongoing market trends and activities within the Shiba Inu community are pivotal in shaping the cryptocurrency’s short-term price trajectory. Close observation of these developments will be crucial for understanding SHIB’s future performance.