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Shiba Inu recently experienced a price drop after reaching a peak of $0.000034. The decline in the burn rate and address count over the past week indicates weakened market expectations. As a result, the SHIB price has decreased by 2% today and 13% over the week, leading to speculation about a potential drop toward the $0.000024 support level.
Decrease in Burn Rate
According to data from December 14, Shiba Inu’s burn rate has decreased by over 100% this week. However, in the last 24 hours, the burn rate has risen by nearly 425%. This increase is attributed to a Shiba Inu wallet sending 70,605,175 tokens to a burn address.
The Shiba Inu community has removed 410.74 trillion tokens through burning from the initial supply. With the recent increase in the burn rate, the circulating supply has fallen to 584.01 trillion tokens. Data from the on-chain platform CryptoQuant shows that net deposits to cryptocurrency exchanges are above the 7-day average, indicating increased selling pressure.
Weakness in Prices
The SHIB price has declined by over 2% in the last 24 hours and is currently trading at $0.00002755. A 13% decrease in trading volume over the same period signals reduced investor interest. Technical analysis shows weakness across indicators such as the Ichimoku cloud, RSI, and exponential moving averages.
Fibonacci retracement analysis predicts that Shiba Inu’s price will reach the 0.382 Fib Retracement level. However, the direction will depend on trading volume and market sentiment. The $0.000024 level stands out as a strong support point for this dog-themed meme coin.
Growing interest in new token launches within the Shiba Inu community continues to attract investor attention. It remains to be seen whether these developments will influence SHIB’s future price movements.
Market dynamics and community activities continue to drive Shiba Inu’s short-term price movements. Investors should closely monitor market trends and on-chain data.
