Shiba Inu price joined other cryptocurrencies in a steep sell-off as the recent rally took a breather and the burn rate declined.
Shiba Inu (SHIB), the second-largest meme coin, dropped to $0.000024, down by 21% from its highest level this month.
Data from Shiburn shows that the coin’s burn rate fell by 30% on Nov. 26 to 3.4 million. This brings the total number of burned coins to 410 trillion, a trend expected to continue in the coming years.
Shiba Inu burns occur in several ways, including Shibarium and ShibaSwap transaction fees. According to Shibarium Scan, the network has processed over 561 transactions, and the number of addresses in the ecosystem has grown to 1.93 million.
You might also like: Ondo Finance price drops amid rising whale activity: what’s next?
Shibarium, a layer-2 network, has seen daily fees decrease despite increased transactions. Fees on Nov. 25 stood at 714 BONE, equivalent to $342, with some of these coins converted to SHIB and burned.
ShibaSwap, a decentralized exchange on Shibarium, has over $23.2 million in total assets. DeFi Llama data shows about 40 active addresses in the past 24 hours, with total annualized fees reaching $2.4 million.
Shiba Inu price also declined as data revealed whales selling the coin, likely taking profits after the recent rally. The largest whale transaction on Nov. 26 involved selling tokens worth $4.8 million, while two other whales sold tokens worth $2.2 million and $1.8 million, respectively.
Shiba Inu price could still hit its YTD high
SHIB chart | Chart by crypto.news
Technical indicators suggest that SHIB price could rise by 90% to reach its year-to-date high of $0.000045.
On the daily chart, the coin has formed a cup and handle pattern, a bullish indicator. The upper boundary of this pattern is at $0.000029. By measuring the depth of the cup, projections indicate the coin could rise to $0.000046, approximately 94% above its current level.
Shiba Inu has also developed a bullish pennant pattern, characterized by a vertical line and a symmetrical triangle. Typically, this pattern leads to a bullish breakout when the triangle nears its confluence point.
Additionally, SHIB recently formed a golden cross pattern, where the 200-day and 50-day moving averages intersect. These indicators suggest that the bullish trend remains intact, and the coin may soon retest its year-to-date high.
You might also like: DOGE surges, Popcat struggles as trending ETH hybrid coin hits $1m
