The recent pullbacks in the price of Shiba Inu are remarkable. After the price rose to $0.000034, SHIB lost 13% of its value due to weakening market expectations. It is currently stated that the price of Shiba Inu is falling towards the support point at $0.000024. This is a worrying development for Shiba Inu investors.
The Shiba Inu burn rate has seen significant fluctuations in recent days. According to weekly data, the burn rate has decreased by over 100%, but in the last 24 hours, there has been a 425% increase. This increase occurred when 70,605,175 tokens were sent from a Shiba Inu wallet to the burn address. To date, 410.74 trillion tokens have been burned from the initial supply, bringing the circulating supply down to 584.01 trillion tokens.
Net deposits to crypto exchanges were reported to be above the 7-day average. This indicates that there is increasing selling pressure on the market and creates a cautious atmosphere among investors. Shiba Inu traded at $0.00002755, down 2% in the last 24 hours. The 13% decrease in trading volume indicates that investor interest is decreasing. Technical analysis tools, especially the Ichimoku cloud, RSI, and exponential moving averages, show that the price is in a weakening trend. Based on the Fibonacci retracement level, analysts predict that the SHIB price could move towards the 0.382 level.
However, the $0.000024 level stands out as a strong support level, drawing attention to this level. The increasing interest of the Shiba Inu community in new projects and token launches could lead to a potential movement in the meme coin market.
Market conditions and community dynamics continue to influence Shiba Inu’s price movements. Therefore, it is essential for investors to carefully monitor on-chain data and market trends. Price fluctuations and changes in token supply will be among the main factors determining SHIB’s future value.
