Due to a recent pause in the uptrend and a decrease in burn rate, the price of Shiba Inu has also faced significant sell-offs along with other cryptocurrencies.
Shiba Inu, the second-ranked meme coin, has fallen to 0.000024 USD, down 21% from its monthly peak.
Data from Shiburn shows that on November 26, the Bitcoin burn rate decreased by 30% to 3.4 million coins. This brings the total number of burnt Bitcoins to 4.1 trillion, and this trend is expected to continue in the coming years.
Shiba Inu burns occur in various ways, including transaction fees on Shibarium and ShibaSwap. According to data from Shibarium Scan, the network has processed over 561 transactions, and the number of addresses in the ecosystem has grown to 1.93 million.
Shibarium is a second-layer network, and despite an increase in trading volume, daily fees have decreased. The fee on November 25 was 714 BONE, equivalent to 342 USD, with some tokens converted to SHIB and burned.
The decentralized exchange ShibaSwap on Shibarium has total assets exceeding 23.2 million USD. According to DeFi Llama, there were about 40 active addresses in the past 24 hours, with a total annualized fee of 2.4 million USD.
Data shows that whales are selling tokens, possibly to take profits after a recent surge, which has led to a drop in the price of Shiba Inu. The largest whale transaction on November 26 involved the sale of tokens worth 4.8 million USD, with two other whales selling tokens worth 2.2 million USD and 1.8 million USD, respectively.
The price of Shiba Inu may still reach a new high for the year.
Technical indicators suggest that the SHIB price could rise by 90%, reaching a year-to-date high of 0.000045 USD.
On the daily chart, the token has formed a cup and handle pattern, which is a bullish indicator. The upper boundary of this pattern is 0.000029 USD. By measuring the depth of the cup, predictions indicate that the token could rise to 0.000046 USD, approximately 94% higher than the current level.
Shiba Inu has also formed a bullish pennant pattern, characterized by a vertical line and a symmetrical triangle. Typically, as the triangle approaches its convergence point, this pattern leads to a bullish breakout.
Additionally, SHIB has 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 token may soon retest its year-to-date highs.
