SHIB has experienced a decline of over 5.60% in the past 24 hours. Meanwhile, the burn rate of SHIB tokens surged by 226%, resulting in the burning of 2.63 million tokens. Meme coins across the market are facing a downward trend, returning to previous lows. Among them, Shiba Inu (SHIB), the popular dog-themed meme coin, is nearing a critical level.
In the last 24 hours, SHIB’s price dropped by over 5.60%, reaching a high of $0.00001702 and a low of $0.0000157, indicating a bearish trend. Currently, the token is trading at $0.00001607, with a 41% decrease in daily trading volume, which now stands at $487 million, according to CMC data.
Conversely, SHIB’s burn rate increased by more than 226% during the same period, with approximately 2.63 million tokens burned, according to recent data. In total, the Shiba Inu ecosystem has burned 410,730,847,872,516 SHIB, leaving over 583.51 trillion SHIB in circulation.
- Can SHIB Rally?
The bullish sentiment that SHIB displayed over the last 30 days has now shifted to a downward trend, with a 5.45% loss over the past week. Initially trading at $0.00001716, the token climbed to a high of $0.00002152 before falling back to $0.00001595. - Technical indicators suggest that SHIB is struggling to overcome bearish momentum. The short-term 9-day and long-term 21-day moving averages both remain above the current price level. Additionally, the token is in an oversold condition, with the daily relative strength index (RSI) at 36.77.
Price Outlook :
SHIB’s price has oscillated within the $0.000016 range. Breaking above this level could initiate a bull cycle. The asset’s initial resistance stands at $0.00001712, a critical level for bullish momentum. If SHIB rebounds from this point, recovery is possible, but failing to hold it could drive the price down to the $0.00001508 support zone.
