- SHIB’s burn rate soars by 75% in 24 hours, removing 49 million tokens from circulation.
- Despite the burn rate surge, SHIB’s price remains stagnant at $0.0000070.
- Negative momentum and selling pressure shadow SHIB, affecting market confidence and activity.
In a recent report, Shiba Inu (SHIB) has seen its burn rate soar by over 75% within 24 hours. Significantly, this means 49 million SHIB tokens are now permanently out of circulation, as confirmed by data from Shibburn.
Price Stagnation Amidst Surging Burn Rate
However, despite this remarkable burn rate growth, SHIB’s price remains relatively unmoved. Besides, it’s closely tethered to the crucial support level of $0.0000070. This lack of volatility echoes the current sentiment of the broader crypto market, mainly Bitcoin’s (BTC) movement.
Furthermore, negative momentum has ruled the Shiba Inu (SHIB) market in the previous 24 hours, with prices moving between an intra-day high and low of $0.00000727 and $0.000007194. SHIB was valued at $0.000007225 at press time, a 0.51% decrease from its previous price.
This negative trend indicates that sellers presently have the upper hand in the market, putting downward pressure on SHIB value.
The market capitalization and 24-hour trading volume of SHIB declined by 0.51% and 33.53%, respectively, to $4.26 billion and $60.73 million, showing a drop in investor interest and activity. This drop reflects a possible decrease in confidence and demand for SHIB, which might lead to pessimistic sentiment among traders.
Consequently, SHIB’s price stays confined within its current range, offering no clear sign of a breakout. Moreover, despite Bitcoin surpassing the $28,000 mark recently, an anticipated surge in SHIB’s price has yet to fruition.
Additionally, the volume of SHIB tokens exchanged since September has barely shifted, suggesting a potentially cautious approach from traders. Hence, the stagnant price and the remarkable burn rate make the current situation curious for market observers. While this meme coin might not steal the spotlight in the immediate future, its burn rate could set the stage for intriguing dynamics ahead.
SHIB Technical Analysis
With a Chaikin Money Flow (CMF) rating of -0.05 and going south, the SHIB token is under selling pressure. This trend suggests a more significant amount of selling than purchasing in the market, which might lead to a price decrease. If the CMF rating continues to fall, it might indicate a rise in selling pressure, leading the SHIB token’s price to drop even lower.
Furthermore, the Money Flow Index rating of 48.39 and falling support the concept of selling pressure on the SHIB coin. This trend suggests a modest amount of selling activity in the market, strengthening the possibility of a price decline. If the Money Flow Index continues to fall, it might suggest an increase in selling pressure, potentially leading to a further drop in the SHIB token’s price.
In conclusion, Shiba Inu’s skyrocketing burn rate poses intrigue, but stagnant prices and bearish signals hint at challenges ahead.
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