The price of $SHIB dropped by 10.08%, trading at $0.00002354. The market capitalization of the cryptocurrency decreased to $13.87 billion, while trading volume fell by 14.75% to $1.46 billion.
Technical analysis suggests a cautious outlook. The MACD has entered a bearish crossover, signaling a decrease in bullish momentum, while the RSI is at 53.26, leaning towards overbought conditions from previous sessions. According to Coinglass data, SHIB liquidation models show a correlation between price volatility and trader activity. Notable spikes in liquidation occurred during rapid price pullbacks in late September and early November, with long liquidations outpacing shorts.
This trend indicates a bullish stance among traders and highlights the risks of trading in the volatile SHIB market. The increase in the burn rate of Shiba Inu aims to reduce its massive token supply and raise its price. However, this alone may not be sufficient for sustained growth. The SHIB community needs to focus on creating utility and increasing adoption through new projects and developments.
