📉 Shiba Inu Faces Increased Selling Pressure as Network Activity Declines: What’s Next for SHIB’s Price?

🔻 Shiba Inu has dropped two spots from the top 10 cryptocurrencies amid a market downturn, with Bitcoin nearing $63,000. This has intensified selling pressure on SHIB, alongside negative on-chain indicators.

📉 SHIB’s Network Activity Declines:

- SHIB saw a significant price decline in the last 24 hours, with total liquidations exceeding $360K and reduced trading volume and open interest.

- Active addresses fell from 4.6K to 3.2K, and new addresses dropped from 1.33K to 1.14K, signaling reduced user activity and demand.

🔥 Shibburn data shows a 260% increase in burn rate, removing 29,956,875 SHIB tokens from circulation, potentially impacting token scarcity and prices.

📉 What’s Next For SHIB Price?

- SHIB currently trades at $0.00001787, down 1.6% in the last 24 hours.

- The 20-day EMA trend is downward at $0.0000178, with RSI below the midline, suggesting potential for further decline.

- A drop below $0.000017 could see SHIB/USDT fall to $0.000014, unless bulls push above the 20-day EMA to reject lower prices and potentially rally towards $0.000026.

📈 Stay informed with the latest SHIB updates and price movements. Follow for more insights on the memecoin market! 🚀💎

#BinanceTournament #Megadrop #CryptoTradingGuide #MicroStrategy #CertiKvsKraken