According to a recent announcement, Shiba Inu (SHIB) has achieved a burn rate of over 75% in the last 24 hours. This confirmed information, compared with data from Shibburn, means that 49 million SHIB tokens have been burned or sent to wallets that are irretrievable.
How Much is Shiba Worth?
Despite the burns and increasing rates in Shiba Inu, the SHIB price appears to be stagnant. It also seems to be approaching the important support level of $0.0000070. This stagnation in price can be seen as a reflection of Bitcoin (BTC) and the overall market situation.
Furthermore, negative momentum prevailed in the Shiba Inu (SHIB) market in the past 24 hours. The highest and lowest prices in Shiba Inu ranged between $0.00000727 and $0.000007194, respectively. SHIB was trading at $0.00000719, a decrease of 0.51% compared to its previous price at the time of writing.
This downward movement indicated that sellers held dominance in the market. This price drop may reflect a decrease in confidence and investment demand among SHIB investors, which could create an uneasy atmosphere among traders.
Shiba Coin Analysis
Based on the analysis of SHIB, it can be said that the price is trading within a current range. Considering this situation, it would not be wrong to say that there is no clear breakout imminent. Despite the price movements in Bitcoin, which surpassed the $28,000 level, this did not reflect in the SHIB price.
In addition, there has been no significant change in the volume of SHIB tokens traded since September. This indicates that traders and investors are exhibiting a cautious approach to SHIB.
The Chaikin Money Flow (CMF) value was -0.05, indicating downward price movement and selling pressure on SHIB tokens. This trend suggests that buying has been replaced by selling in the market, which could lead to a price drop. Another indicator supporting the selling pressure on SHIB coin is the declining Money Flow Index (MFI) score of 48.39.
