Shiba Inu (SHIB) price remains steady above $0.000012 despite recent market fluctuations. The token has experienced a downward trend, breaking several resistance levels. However, SHIB is now showing signs of a rebound on the daily chart. Meanwhile, the burn rate has surged by 1005%, raising speculation about potential price movements. Market participants are closely monitoring whether SHIB can maintain its current momentum amid broader crypto market shifts.
SHIBBurn Rate Surges 1125% as Shiba Inu Price Holds at $0.000012
The Shiba Inu network recorded a significant 1125% surge in its burn rate over the past 24 hours, removing 20.6 million SHIB from circulation. Recent data shows multiple large burn transactions, with one reaching 19.44 million SHIB.
Wallet addresses have continued sending tokens to designated burn addresses, aiming to reduce the circulating supply.
Despite this aggressive burn, SHIB’s price remains stable at $0.000012, reflecting minimal immediate impact on market valuation. The total supply stands at 589.25 trillion SHIB, with 584.34 trillion SHIB in circulation and 4.9 billion SHIB staked.
SHIB’s price consolidation raises questions about whether continued burns will influence its future movements. A higher burn rate typically decreases supply, but price action depends on broader market conditions and investor sentiment.
Is SHIB Price Gearing Up for Recovery or Facing Further Decline?
Shiba Inu price remains under selling pressure after failing to break key resistance. The SHIB price trades at $0.00001222, marking a 3% surge over the past 24 hours.
The meme coin trades below the critical resistance of $0.000013. The lower support at $0.00001 remains intact, preventing a further decline. The MACD indicator shows a weak trend, with the MACD line crossing below the signal line, suggesting a bearish sentiment.
The Relative Strength Index (RSI) sits at 38 below the neutral 50 level. If bulls regain control, the Shiba Inu price prediction could test the $0.000013 resistance again. A breakout above this level may open the door toward $0.000015.
Conversely, failure to hold the current support could push the price toward $0.00001, reinforcing the bearish outlook. Shiba Inu price is experiencing a price downturn, with on-chain transaction volumes in loss surging significantly.
The Santiment chart reveals a sharp decline in Shiba Inu price as on-chain transactions in loss surged to 1.93 trillion SHIB. The data indicates a strong correlation between increased sell-offs and price dips. The rising loss volume suggests widespread panic among holders, increasing selling pressure. If this trend persists, the SHIB price may struggle to recover, facing resistance amid negative sentiment.
To sum up, Shiba Inu price remains steady as its burn rate jumps 1125%. The token faces resistance at $0.000013, with market sentiment influencing future movements. Traders watch key indicators for potential breakout or decline amid ongoing supply reduction efforts and bearish signals.
Frequently Asked Questions (FAQs)
A higher burn rate reduces supply, but price impact depends on demand and market trends.
SHIB faces resistance at $0.000013 and support at $0.00001.
Price movement depends on market conditions, investor sentiment, and demand.
Anna
Annah enjoys writing about cryptocurrency and blockchain technology. With More than 5 years of experience. For years she has followed their development and now believes these technologies could potentially revolutionize many industries. She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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