Shiba Inu experienced a decline in price after an upward trend that reached the target of $0.000034 in a short time. The decline in the Shiba Inu kill rate and number of addresses in the last week indicates that market expectations have weakened. This led to the SHIB price losing 2% today and 13% during the week. It is considered that a decline towards the $0.000024 support level may be imminent.
Decrease in Burn Rate
Shiba Inu kill rate has decreased by over 100% this week based on Dec. 14 data. In the last 24 hours, the burn rate increased by almost 425%. This increase occurred when a Shiba Inu wallet sent 70,605,175 tokens to the burn address.
The Shiba Inu community has burned 410.74 trillion tokens from its initial supply. With the increase in the last burn rate, the circulating supply decreased to 584.01 trillion tokens. According to data from on-chain data platform CryptoQuant, net deposits to crypto exchanges are above the 7-day average. This shows that sales pressure is increasing.
Weakness in Prices
SHIB price is down more than 2% in the last 24 hours and is currently trading at $0.00002755. The 13% decrease in trading volume in the last 24 hours indicates a decrease in investor interest. Technical analysis signals weakness in indicators such as the Ichimoku cloud, RSI, and exponential moving averages.
Fibonacci retracement analysis predicts that Shiba Inu price will reach the 0.382 Fib Retracement level. However, it is stated that the direction will change depending on transaction volume and market sentiment. The $0.000024 level stands out as a strong support point for the dog-themed meme coin.
Increasing interest from the Shiba Inu community about new token launches continues to attract investors’ attention. It is a matter of curiosity whether these developments will have an impact on SHIB’s future price movements.
Market dynamics and community activities continue to drive short-term price movements for Shiba Inu. It is important for investors to closely follow market trends and on-chain data.
Fluctuations in Shiba Inu kill rate and market data provide important indicators for investors. Price movements are expected to continue to be shaped by general market conditions and changes in token supply.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
